UBS

State-owned China Minmetals Corporation on Wednesday rolled out a dollar-denominated perpetual bond, raising $1bn from the deal. The company was able to price at a tight level, especially when its low step-up is taken into account.

Property giant China Vanke Co and HNA Group Co came to the market on Thursday with dollar bonds, taking vastly different approaches. Vanke opted for a tenor of 10 years, but HNA kept it ultra-short.

The IPO of EN+ Group, the Russian power and metals company controlled by Oleg Deripaska, has got covered at its base size, on the penultimate day of the bookbuild.

China Minmetals Corporation, a state-owned enterprise, turned to bond investors on Wednesday with its first dollar perpetual bond, quickly following up a roadshow earlier this week.

Caisse des Dépôts et Consignations (CDC) returned to the Swiss franc market after a four year absence on Monday, in order to refinance a Sfr250m ($250.2m) 10 year Swiss franc bond expiring in two weeks’ time — but the French agency had to pay over its euro curve for entry.

Ronshine China Holdings has raised HK$1.2bn ($155.6m) after a selling a chunk of shares through a top-up placement, according to a filing with the Hong Kong Stock Exchange on Monday morning.

Razer started taking orders on Monday for a Hong Kong IPO that could be worth as much as HK$4.3bn ($545.0m). About a third of the book has already been covered by cornerstone investors, even though some bankers think the valuation looks stretched.

China Minmetals Corporation is sounding out investors for its inaugural perpetual offshore bond. It will meet with fixed income accounts early next week.

Equity volatility has threatened a comeback in the past week as markets prepared for the European Central Bank meeting on Thursday. But after the ECB performed within market expectations, announcing a 50% reduction in its bond buying programme, fear gauges settled down once again.

The $1.5bn flotation of EN+, the aluminium and power company controlled by Russian oligarch Oleg Deripaska, in London and Moscow is coming during a hot time for the aluminium market and will help to seal a partnership between Russian producer Rusal and Glencore.

The growth in passive asset management has been one of the biggest trends in equity markets over the past decade. Savers are constantly told passive funds are a much cheaper way to buy the market than active asset managers, who try to beat the market. The logic of that is questionable, but as Jon Hay reports, new research from UBS suggests active managers are outperforming — in Europe, at least.

ABH Financial, the holding company of Russian issuer Alfa Bank, returned to the Swiss franc market on Tuesday, with a refinancing of a Sfr85m ($85.6m) January 2018 that almost doubled the size of the original issue. The transaction came just days after Russian investment company 01 Properties pulled a debut deal after finding insufficient support for a four year bond.