UBS
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UK chancellor of the exchequer George Osborne picked Monday evening to sell a much-hyped 5.4% block of shares in Royal Bank of Scotland. -
Holidaying investors and less than ideal market conditions proved no obstacle for three European banks which took orders just shy of $40bn to sell $6.35bn of additional tier one (AT1) debt in four sessions.
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Despite a flying start to bookbuilding, the HK$11bn ($1.4bn) IPO of China Railway Signal & Communication Corp (CRSC) in Hong Kong eventually succumbed to the turmoil in China’s stock market, forcing it to price at the bottom of the range on August 1.
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Oceanwide Holdings managed to reach the finish line for its $400m bond on Tuesday, the same day another high-yield issuer was forced to shelve its deal due to weak demand. Oceanwide’s triumph was thanks to the existence of outstanding notes that were trading well in secondary, as well as investors’ familiarity with the credit.
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The Asia ex Japan bond market was crowded on August 4 with Oceanwide Holdings and eHi opening books for respective dollar bonds, and Export Development Canada (EDC) and HNA Tourism opting for offshore renminbi (CNH) offerings.
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Sainsbury’s Bank has shelved a sterling tier two trade following a roadshow last month.
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Despite a flying start, China Railway Signal & Communication Corp’s (CRSC) HK$11.03bn ($1.42bn) IPO in Hong Kong succumbed to the dramatic tumble in China’s stock market, forcing it to price the trade at the bottom of the range.
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Greentown China Holdings successfully persuaded bondholders of its two existing dollar notes into a new $500m five year non call three dollar bond on July 31. Bankers on the deal say the exchange offer ended up satisfying both the issuer and investors.
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Asia’s US dollar bond market has started the week with a bang, with China Auto Rental (CAR), Peking University Founder Group and Shanghai Electric opening books for their respective transactions on Monday, August 3.
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UBS has taken over $7.5bn of orders for its latest AT1 offering, an impressive feat given the trade was Reg S only and was executed on the last Friday of July.
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China Railway Signal & Communication Corp (CRSC) has released price guidance on its IPO in Hong Kong, with the leads narrowing the range near the bottom to HK$6.50-HK$6.60 ($0.84-$0.85) a share.
