UBS

An overzealous pricing strategy and a divisive credit rating meant JD.com’s debut dollar bond offering did not get off to a good start with the notes widening significantly in the secondary market on Monday.

A pair of investment grade issuers, Maybank and JD.com, ventured into the dollar bond market on Friday albeit with quite different trades.

Some 49% of troubled Canadian-Colombian oil company Pacific Exploration & Production’s creditors, comprising bank lenders and senior noteholders, took just two days to agree to a restructuring proposal presented on Monday evening.

Books were several times oversubscribed and new issue premiums often dropped to zero this week, ahead of an ECB move that was widely expected — but everybody is aware that market backlashes do happen.

Covered bond activity slowed this week with only three deals emerging, half the number seen in the prior week, with Canadian issuers at the fore.

France’s largest property firm, Unibail-Rodamco, issued a €1bn dual tranche bond on Wednesday that included only the third 20 year corporate bond in euros this year.

‘Rogue traders’ have struck again — Tijane Thiam, Credit Suisse’s chief executive, doesn’t seem sure quite how his traders ran up such large positions, but they’re being blamed for $750m of losses and writedowns since October 2015. The Swiss bank’s distressed debt desk joins a long line of unauthorised big losers stretching back four decades.

China Aoyuan Property Group executed a highly popular $250m transaction this week that saw books more than seven times covered, in what was a rare appearance from a Chinese high yield property company in the dollar bond market.

China Aoyuan Property Group made light work of jittery market conditions on Monday with an extremely popular $250m bond that was more than seven times covered by asset-hungry investors.

Chinese online e-commerce company JD.com is set to embark on a roadshow ahead of its very first offshore outing this month.

Several of Europe’s IPOs moved forward today, with coverage and pricing updates and the launches of bookbuilds.

China Aoyuan Property Group hit the market for a three year dollar bond on Monday in what is only the fourth transaction in the currency this year from the country’s high yield property sector.