UBS

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.

The IPO of VAT Vakuumventile, the first substantial Swiss listing for a year, was “very oversubscribed”, a banker on it said, and was priced at Sfr45 a share, close to the top of the range.

The primary covered bond market was active this week with as many as seven issuers raising more than €6bn, including the longest deal in over a year and a debut borrower in euros.

Yorkshire Building Society pulled in £1bn of orders in no time on Thursday morning, as sterling investors fought over the first long end senior bond in the currency since January.

Aroundtown Property Holdings, the Paris- and Frankfurt-listed company that invests in German property turnrounds, has extended the deadline on an incentivised conversion offer for its €450m pre-IPO convertible until Thursday evening.

BBVA launched the first euro denominated AT1 transaction since February’s sell-off this week, pricing the bond through its outstanding notes’ yield to call and fuelling hopes the primary market is fully open once more.

Jefferies and UBS conducted on Thursday night the second block trade of shares in DFS Furniture, the UK sofa retailer, since they led its £221m IPO in March 2015.

ING printed an operating company tier two bond this week that can be converted into holding company debt, a new technique that could be used by other borrowers and even applied to senior unsecured bonds as banks wait for clarity on resolution rules in Europe. Tom Porter reports.