UBS

UBS has appointed Kevin Cui and Terry Schmassmann as co-heads of Asia DCM syndicate, effective immediately, according to an internal memo seen by GlobalCapital Asia.

KfW reopened the public sector dollar market on Wednesday by picking up a hefty $4bn from a well oversubscribed book. Société de Financement Local will be next up, after mandating banks for a trade.

Swiss Re, the reinsurance group, returned to the equity-linked debt market on Wednesday with a deal that reinforced this issuer’s reputation for financial innovation: a $500m equity-neutral convertible bond that also acts as a contingent convertible security — except with more flexibility for the issuer.

If the financial arm of A2/A rated insurance firm AMP had debuted in Swiss francs six months ago, the moment would have passed without much remark. But as the chief executive, chairman and half its board were turfed out of the business under a cloud of disgrace, the timing caused quite a stir in the traditionally measured bond market.

Ronshine China Holdings was back in the equity market on Tuesday for a top-up placement, pocketing HK$1.1bn ($140.1m) overnight.

New Frontier Corp, a Hong Kong-based special purpose acquisition company (Spac), is planning an IPO in the US worth as much as $200m.

EPP, a Polish real estate investor specialising in shopping malls, has mandated banks for a euro bond, joining Atrium European Real Estate in the rush to issue the first non-financial corporate bond from CEE since early May.

Del Monte Philippines has kicked off bookbuilding for an up to Ps17.6bn ($334.5m) IPO after winning approval from the country's stock exchange on Wednesday.

The political upheaval in Italy is already making US investors go cold on European risk, which could magnify the market disruption Europe is likely to face in the coming months. The effects are even changing expectations on US monetary policy.

The Swiss franc bond market showed this week that it is well insulated from the turmoil affecting the euro market as South Korea’s Hyundai Capital raised Sfr300m from a tightly priced five year bond. With cross-currency basis swaps coming down, and low new issue premiums, Zurich-based bankers are keen to showcase the pricing competitiveness as well as the stability of their market.

A topsy-turvy market backdrop is pushing a slew of Chinese borrowers, mainly property companies, to raise funds by tapping their existing dollar bonds. Buy side interest remains, but only for the right names, writes Addison Gong.

Hyundai Capital returned to the Swiss franc bond market after roughly four years away on Wednesday. The South Korean car company was a regular feature in Switzerland up until 2014, but as conditions grew worse for international borrowers each bond expired and was not refinanced like for like. But this is beginning to change as the Swiss market proves more resilient to European political volatility than core markets.