UBS

The Singapore equity capital market was hit by some unpleasant news this week when a pair of IPOs were shelved in quick succession. The move drew mixed responses from bankers, with one saying it highlights the city’s dwindling appeal as a listings hub, and others promising a busy year ahead for equity raising. John Loh reports.

Karen Pang, an equity-linked banker based in Hong Kong, has left BNP Paribas for a new role in Deutsche Bank, according to two sources with knowledge of the move.

Beijing Enterprises Water Group (BEWG) raised $500m on Tuesday to retire a bond maturing in May, finding support from investors despite the numerous unrated state-owned options available to them.

A repricing in the Indonesian high yield dollar bond market on Monday took a toll on property company Bumi Serpong Damai (BSD), which had to navigate numerous hurdles to push a $250m deal over the finish line.

Summit Power International’s hopes to be the first Bangladeshi issuer to list in Singapore have fizzled out after its $260m IPO was withdrawn.

Ping An Healthcare and Technology has kicked off a highly-anticipated HK$8.8bn ($1.1bn) IPO, set to be one of Hong Kong’s biggest from the new economy sector this year.

CEVA Logistics, the Swiss freight management and contract logistics company, has set the range on its IPO, valuing it at Sfr1.5bn to Sfr1.8bn. It has also secured a cornerstone investment from shipping company CMA-CGM.

Swiss franc bond market players are conflicted about the substantial slide in the Swiss franc, which has lost about 3.5% of its value against both the euro and dollar in the past two months.

Controls have been tightened after the high-profile losses that banks took on margin loans when retail conglomerate Steinhoff ran into trouble late last year. But strategic equity solutions businesses remain central to equity capital markets, writes David Rothnie.

Bank of America Merrill Lynch, Credit Suisse, Nomura and UBS have made senior changes in their equity capital markets and syndicate teams in Asia.

Weir Group, the UK energy and mining equipment maker, is to acquire US-based industrial component manufacturer Esco Corp, and has raised £363m in gross proceeds, through an accelerated sale of new shares to finance the cash component of the $1.05bn acquisition.

The EMEA IPO market is fully underway again after the Easter break, with bankers fresh from the Courchevel ski slopes or St Tropez sunbeds to provide investors with some fresh IPO powder. But high volumes means buyers have the ability to be selective.