UBS

Bankers and investors on Wednesday said the failure of Veritas Technologies' $2.5bn bond deal — which was pulled along with an accompanying $3.3bn loan package on Tuesday — showed evidence of familiar weaknesses and errors in the European high yield market.

The order book for Russian Alfa Bank’s first senior unsecured bond in three years has reached $2.75bn, and guidance for the three year note has been crunched to 5.125% area.

The weakness of the US leveraged finance market was brought home to market participants with a jolt on Tuesday, when the Carlyle Group, which is buying Veritas Technologies, a US data storage company, abandoned its attempt to raise $3.3bn of debt for the deal.

Pfandbriefbank, the Swiss mortgage lender, raised Sfr754m ($748m) in a four tranche bond on Tuesday, drawing a strong demand from insurance investors in the Swiss domestic market.

UBS is planning to swap senior members of its China onshore and offshore teams as it looks to further strengthen its mainland business, according to an internal memo seen by GlobalCapital Asia.

UBS has further strengthened its leveraged finance business, hiring an ex-Credit Suisse banker for a new role focusing on private equity and corporate clients.

Allied Irish Banks revealed a 90bp jump in its fully-loaded common equity tier one ratio on Tuesday, and wasted no time in mandating banks for a highly anticipated tier two deal.

Hiscox secured strong demand for its £250m 30 year non-call 10 tier two notes on Tuesday as sterling investors showed no signs of fatigue despite a recent spate of subordinated issuance from British insurers.

Veritas Technologies, the Californian data storage company, has increased its high yield bond issue to make up for a disappointing loan financing. But initial price talk has yet to emerge.

Alfa Bank has mandated three banks for a senior dollar bond — only the second Russian financial institution bond this year — as the CEEMEA bond markets held stable after the terrorist attacks in Paris over the weekend.

China State Construction Engineering Corp (CSCEC) has made its offshore debut with a Reg S five year dollar issue. The firm braved a market that was crowded with four other dollar deals and still managed to come inside its fair value.

UBS enjoyed strong demand on Monday for its first holdco level senior debt in euros, with market participants divided on how its pricing compared to opco levels.