UBS

Real estate company China Aoyuan Property Group has become the first issuer in Asia ex-Japan to launch a dollar bond in 2017, marketing a three year on Wednesday.

In the looking-glass world of Swiss franc bonds, unrated companies and Austrian banks have issued at negative yields, writes Silas Brown. Starved of return, Swiss investors will look at a broader range of foreign and even high yield paper than ever before.

Equity investors have something new to believe in: fiscal largesse in the US kickstarting global growth. That’s good news for the many companies and banks with capital to raise in 2017 — the trouble is, markets are likely to be as volatile as Donald Trump’s temper. By Jon Hay, additional reporting by Aidan Gregory

Alfa-Bank defied low pre-Christmas liquidity levels to print a $300m increase of its AT1 that was sold to a greater proportion of international investors than the original October print, according to a lead banker.

Russia’s Alfa-Bank is planning a tap of its additional tier one securities and will open books on Tuesday this week, according to the leads. As the deal was sold mostly to Russian domestic investors, there are not the usual concerns about pre-Christmas liquidity.

Indian conglomerate Reliance Group is the latest to file for an infrastructure investment trust listing, announcing plans to raise Rp30bn ($442m).

Unicaja Banco sold a €192m block of shares in Iberdrola, the Spanish electricity company, on Thursday night, in an accelerated bookbuild led by UBS.

Australian casino tycoon James Packer sold his stake in Melco Crown Entertainment, his Asian joint venture with Hong Kong magnate Stanley Ho, in a $669.9m overnight bookbuild on Thursday.

China Vanke Co bagged $600m on Thursday from its first international bond in more than three years, sneaking into the market the day after the Federal Reserve announced a rate hike.

Another piece of next year’s equity capital markets issuance puzzle was turned over today, when Lonza, the Swiss pharmaceutical and chemical company, announced a Sfr3.3bn rights issue to pay for the acquisition of Capsugel from KKR.

Swiss pharmaceutical and biotech ingredients supplier Lonza has secured $5.5bn in funds from Bank of America Merrill Lynch and UBS for the acquisition of US dosage form maker Capsugel, in a financing package that includes a variety of debt and equity products.

An extensive marketing effort helped debut issuer LR Capital Group seal a $150m deal on Tuesday, as books opened with sufficient anchor orders.