UBS

Ocelot Partners, a special purpose acquisition company founded by LionTree Partners, Andrew Barron and Martin Franklin, this week successfully completed its $425m IPO on the London Stock Exchange.

Italy drew a more than a twice oversubscribed book on Tuesday and priced well inside guidance as it brought its second syndication of the year, a €3bn May 2028 inflation-linked BTP.

Lansforsakringar Hypotek (LF Hyp) has issued its longest dated covered bond which, with a positive spread to mid-swaps, gives a slight premium to other Swedish banks but no concession to its own curve.

Five new IPOs were announced in EMEA this week as the market enters a crucial window in the run-up to Easter.

Italy has mandated banks for its second syndication of the year, after a month in which its spread to closest peer Spain has tightened.

China South City Holdings raised $300m on Thursday in a deal that was described as relatively straightforward, thanks to the fact that the property developer has already established a debt curve.

DG Hyp enjoyed solid demand for a long nine year Pfandbrief deal this week as, despite the measly new issue concession, it offered an unusually high pick-up against Bunds.

UBS’s co-head of global capital markets for Australasia Dane FitzGibbon is leaving the bank, according to sources close to the move.

The strength of the primary debt market in Asia shows no signs of abating, with a number of borrowers heading out on Thursday for fresh dollar fundraisings.

After a month of much slower supply, increasingly desperate covered bond investors clamoured to buy a long nine year Hypothekenpfandbrief issued on Wednesday by DG Hyp. Though the bonds offered little new issue concession, interest was also boosted by the deal’s hefty spread over Bunds.

Robust market conditions enabled the execution of the largest block trade of the year so far on Tuesday night.

Covered bond supply is likely to recover over the next week or two, particularly in core Europe where spreads to Bunds have become more attractive, which bodes well for DH Hyp’s forthcoming Pfandbrief. But for non-eurozone issuers, senior funding is likely to prove more attractive.