UBS
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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.
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UBS’s co-head of global capital markets for Australasia Dane FitzGibbon is leaving the bank, according to sources close to the move.
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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.
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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.
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Robust market conditions enabled the execution of the largest block trade of the year so far on Tuesday night.
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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.
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UniCredit, the largest bank in Italy, has formally finished its €13bn rights issue after selling the unexercised rights on the market for €15m.
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A big step in restoring Italy's banking sector to health was taken successfully this week, when the fifth biggest EMEA equity sale ever raised €13bn for UniCredit.
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The UK Debt Management Office (DMO) breezed through the final syndication of its financial year on Tuesday, printing at a record low real yield with its biggest ever book — despite a postponed start to opening books and murmurings about falling demand for inflation linked paper.
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