UBS

The equity block trade market is heating up in Hong Kong as shares continue to rally, with banks launching one sole mandate after another.

Dollar investors had plenty of Chinese property bonds to choose from this week, with four issuers competing for their attention on Tuesday. But with no end in sight to the pipeline, companies will have to navigate the market carefully, or cough up a premium for their bonds.

Chinese issuers BOSC International, a local government financing vehicle from Henan, Lai Fung Holdings and Hilong Holding are in the market with new deals on a busy day for issuance.

Chinese technology giant Tencent Holdings is taking feedback from global investors for a 144A/Reg S transaction, and is looking to hit the market on Thursday morning.

Europe’s equity linked new issue market is enjoying a busy start to the year, with four deals totalling €1.56bn priced in the past week. The latest was a Sfr300m seven year convertible bond (CB) issue by Swiss Prime Site, the property investment company.

Property companies Country Garden Holdings Co (CoGard), Times Property Holdings, Tahoe Group Co and Wharf Real Estate Investment Company hit the dollar debt market in force on Tuesday.

While the high yield bond pipeline has yet to reveal its first roadshow of 2018, two leveraged loan borrowers announced new deals on Friday. They are trailer supplier Dexko Global and Planasa, the Spanish berry producer.

Property developer Lai Fung Holdings will kick off a roadshow next week for a new dollar bond.

Equity syndicates expect a robust IPO pipeline to power strong issuance in the first half of this year, which could set 2018 up to surpass what was a good 2017.

UBS raised €4.12bn equivalent of senior debt at operating company level across three tranches and two currencies on Thursday, while ABN Amro looked to tap its June 2022 sterling senior bond.

Standard Chartered has brought a former banker at Citi out of retirement to run its Greater China and North Asian business.

Former Credit Suisse investment banker Byungil Lim will start at UBS next week, taking charge of the bank's South Korean operations, according to a source familiar with matter.