UBS

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.

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.

Sainsbury’s Bank has shelved a sterling tier two trade following a roadshow last month.

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.

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.

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.

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.

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.

Greentown China Holdings has opened books to a new five year non call three dollar bond on July 31 following the end of an exchange offer plus consent solicitation exercise a day earlier.

European banks are being urged to use a wide open dollar market before the US Federal Reserve hikes rates later this year, with Royal Bank of Scotland and UBS already lining up dollar additional tier one trades, writes Tom Porter.

Ak Bars Bank launched the first Russian new issue of this year on Thursday evening in London, pricing at a yield of 8% from a book approaching $450m.

Covered bond new issue premiums fell this week as six issuers raised a collective €5.5bn in three currencies with total demand of almost €8bn.