UBS

A senior emerging markets credit trader is set to leave UBS to oversee a global EM portfolio for Brevan Howard, say market sources.

The opportunity to buy into one of China’s largest private conglomerates, Fosun International, was too good to miss as keen investor participation propelled the company to take up an upside option and raise a chunky $1.2bn from an accelerated bookbuild on May 11.

Cofinimmo, the Belgian property company, has made a return to equity capital markets after a two year hiatus, raising €285.4m ($320m) via a one-for-six rights issue.

HTSC is testing investor appetite for an up to $4bn IPO in Hong Kong as investors continue to chase gains in China’s brokerage sector and the arbitrage opportunities between A and H-shares.

UBS is bracing itself for a high profile departure as David Chin, the Swiss lender’s head of corporate client solutions (CCS), is set to retire in the summer, according to an internal memo seen by GlobalCapital Asia.

Hong Kong-listed Fosun International has launched a top-up share placement to raise $1bn, which comes in the wake of a recent acquisition spree.

China Merchants Bank (CMB) New York branch scored an international bond market debut on May 7, receiving strong support from Asian investors but leaving enough money on the table to embrace the price demands of US investors. The borrower is the first of a string of Chinese banks lining up to sell bonds through their US branches.

Hong Kong’s Hsin Chong Construction Group successfully completed its inaugural outing in the bond market, raising $250m with a three year offering on May 7.

Swiss cement maker Holcim is in a stand-off with its relationship banks over whether it can receive negative interest payments on its Swiss franc revolving credit facility, amid deeply negative interest rates, writes Elly Whittaker.

Turbulence in Bunds drove issuers away from the primary market in euros this week, with only UBS opting to sell a new issue — and even then opting for an extremely defensive print.

Alliance Automotive, the French-UK car parts distributor, was back in the high yield market on Wednesday selling a €50m tap of its only bond, issued last year.

Far East Horizon has been at the centre of its second selldown in less than a month, with KKR offloading shares via a HK$1.54bn ($199m) block trade on the evening of May 4. While there were plenty of orders, they were small in size because of the Hong Kong-listed stock’s recent run-up in value.