UBS

China Energy Reserve & Chemicals Group Co (CERCG) said on Sunday evening that it has officially defaulted on its dollar bonds, marking the third offshore default from Greater China in recent weeks. Markets participants are not stressing about it though, but are instead optimistic about a strong week for primary and secondary markets.

China Overseas Grand Oceans Group (Cogo) raised a larger than expected $500m from a three year bond on Thursday, a week after pulling a 2023 transaction. Future Land Holdings Co also managed to woo investors to a $200m tap.

Food and beverage company Del Monte Pacific has got the nod from the Philippine market regulator to spin off its local subsidiary, according to a stock exchange filing.

Polish financial institution mBank has returned to the Swiss franc bond market. Like many sold in the past few weeks, the bonds were priced at the wider end of guidance — a sign that the market is returning to more conventional spread levels, and investors are expecting higher returns.

UBS has merged its corporate client solutions team for China with the Hong Kong and Taiwan unit, according to an internal memo seen by GlobalCapital Asia.

UBS has promoted Javier Martinez-Piqueras to head of global equity capital markets, replacing Sam Kendall, who will now lead corporate client solutions in the Americas.

A challenging market backdrop pushed China Vanke Co to go down the floating rate note route for its bond return on Thursday. It wasn’t disappointed, with bankers saying the $650m bond was priced around 15bp inside a hypothetical fixed rate deal.

Keurig Green Mountain enjoyed the best of dollar bond market conditions as investors drank deep before a spike in US Treasury rates sent borrowers scurrying to the sidelines.

German screws and fastenings wholesaler Würth this week found its domestic investor base had stayed loyal after a three year hiatus from the corporate bond market. However, it also found material offshore interest too.

Foreign banks operating in the US could be allowed a more flexible funding structure, according to Randall Quarles, Federal Reserve vice-chairman for supervision. It could lower the cost of trapping liquidity and capital instruments in the intermediate holding companies (IHCs) they had to set up to keep operating in the US.

Two Chinese transactions on Wednesday served as perfect examples of how duration can make a difference. Greenland Holding Group Co’s $500m sub-one year bond attracted a larger-than-expected order book, while China Overseas Grand Oceans Group (Cogo) had to pull a five year trade as a result of insufficient demand.

Talos Capital reduced the size of its stake in Aena, the Spanish state-owned aiport operator, through a €696m accelerated bookbuild led by UBS and Citigroup on Tuesday.