UBS

Russia’s Domodedovo Airport on Thursday morning set initial price thoughts for a new five year dollar bond.

October’s $500bn deal bonanza may have been the biggest monthly total for over a decade but global M&A actually peaked a year ago, writes David Rothnie.

China’s Huishang Bank Corp rolled out its inaugural dollar-denominated additional tier one bond on Thursday, the first from a city commercial bank in the country.

Hong Kong’s IPO sponsors are in the spotlight for all the wrong reasons as Standard Chartered and UBS face investigations by the city’s regulator. As a former IPO banker and joint author of the study manual for sponsors, our columnist Clawback is perfectly placed to delve into the pitfalls for banks.

Wuhan Metro Group and Jiangsu Zhongguancun are the latest Chinese corporates to launch inaugural dollar bonds, while Huishang Bank has issued a mandate for additional tier one, it’s first offshore transaction.

UBS's investment bank posted a 68% year-on-year drop in pre-tax profit in its quarterly results on Friday. The bank also warned it could face the possible suspension of its Hong Kong corporate finance licence over its role as sponsor on certain initial public offerings in the country.

Shares in Ahlsell, the Swedish wholesaler of plumbing and electrical installation products, have traded strongly since its Skr6bn ($671m) Stockholm IPO, ending Thursday 13% above their IPO price.

Three Chinese corporates hit the debt market on Thursday on a busy day of issuance in Asia. Beijing Capital Development Holdings (Group), Golden Wheel Tiandi Holdings Company and a financing vehicle from Guangxi raised a combined $900m from deals.

UBS announced that it has received the consent of investors to change the maturity terms of its covered bonds from hard to soft bullet.

UBS is being investigated by the Hong Kong Securities and Futures Commission for its role in IPOs, with the bank warning that it faces a possible suspension of its corporate finance licence.

Norddeutsche Landesbank (NordLB) and Deutsche Genossenschafts-Hypothekenbank (DG Hyp) issued tightly priced German Pfandbriefe that benefitted from a rise in yields this week.

Investors showed signs of wilting under the torrent of callable bond structures as BNY Mellon, Goldman Sachs and Wells Fargo continued the rush by US banks to print bonds aimed at cutting the cost of complying with Total Loss Absorbing Capacity (TLAC) rules.