UBS

Gazprom made its sixth appearance in the Swiss franc bond market on Wednesday, but for only the first time as an investment grade credit after S&P upgraded its rating. Institutional investors, which only buy bonds that are eligible for the Swiss Bond Index, piled into the transaction, pushing pricing down and the size up.

Four of the six deals in the primary market in Asia on Tuesday were from Chinese real estate companies. But despite the inevitable competitive dynamics between the trades, Modern Land (China) Co, Yuzhou Properties Company, Guorui Properties and Tahoe Group Co were all able to meet their targets.

Luye Medical, the healthcare services arm of Luye Life Sciences Group, has enlisted three banks to lead its IPO of about $500m in Singapore.

Chinese video streaming platform iQiyi filed a draft IPO prospectus with the US market regulator on Tuesday. It is aiming to raise up to $1.5bn from its listing this year.

Bangladeshi independent power producer (IPP) Summit Power has launched investor education ahead of its ground-breaking Singapore IPO, according to a banker close to the deal.

Grand City Properties, the German residential property firm, printed eight and a half year Swiss franc bonds on Wednesday, and also sold a new nine year in euros on Monday alongside a tender for some outstanding bonds and convertibles.

The pipeline for equity capital raisings out of Southeast Asia is filling up nicely, with issuers from the Philippines, Vietnam, Bangladesh and Singapore looking to launch deals.

Grand City Properties, the German residential property firm, printed eight and a half year bonds on Wednesday, in the second foreign real estate deal in Swissies since 2013.

The equity capital market has kicked back into life this week with a number of high profile deals to test investor appetite. But with investors challenging IPO valuations and volatility causing a scare, lead managers might have to start selling deals on their fundamentals rather than relying on bullish market sentiment to do the job.

Gazprom is looking to enter the Swiss franc market for the fifth time, mandating four banks to arrange meetings for a benchmark bond. After Moody’s upgraded the Russian company to investment grade, the arrangers are particularly confident of Swiss interest.

In stark contrast with a mute high yield bond market, leveraged loan investors were expecting more than €5bn of new deals on Monday, including a $725m-equivalent deal from Swedish trade technology provider Itiviti, which includes a triple-C rated second lien.

Siemens has begun the IPO process for the highly anticipated spin-off of its health division, Siemens Healthineers, by releasing its intention to float document.