UBS
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Recent heavy supply in the Asian dollar bond market has found its first victim in Yango Group Co, which called off a planned $250m deal on Monday. While the Chinese developer’s high leverage raised some concerns, volatility in US Treasuries also played its part in the underwhelming demand. -
Alstria, the German REIT, sold 15.3m new shares through an accelerated bookbuild, after the close of trading on Monday night, to finance the acquisition of two new properties in Hamburg and Stuttgart and the settlement of a convertible bond.
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Two Chinese property developers are in the market on Monday evening to sell convertible bonds with nearly identical structures.
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The ski slope trajectory of additional tier one (AT1) coupon levels continued this week with UBS and Belfius locking in ultra-tight prices. And with investors keen on the credit fundamentals of banks and the relative value the AT1 product offers, the dynamics behind the rally still have steam.
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Corporate bond investors were offered 10 year and 11.5 year new issues on Wednesday and combined order books of over €4.4bn showed there is significant demand for longer tenors in this market.
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Russia’s Alfa-Bank achieved a sub 7% print to raise $500m with the first additional tier one from the country this year.
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Morgan Stanley was sole bookrunner on two overnight sell-downs in Asia this week. One transaction was for its Taiwanese private equity arm in shares of CTBC Financial Holdings.
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An ex-SSA DCM banker has joined the UK's Financial Conduct Authority to focus on wholesale banking supervision.
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UBS has made senior level changes to its Asia Pacific M&A and natural resources teams in a bid to boost its market position and client coverage.
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Corporate bond investors were treated to a relative feast of issuance on Wednesday following a meagre €850m of supply in the first two days of the week. A trio of higher beta names offered a variety of tenors and spreads for investors to choose from.
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UBS picked up more than $8.25bn of demand on Wednesday for a perpetual non-call five additional tier one (AT1) bond, after announcing full year results for 2017 earlier this week.
