UBS

Singapore’s GIC made a complete exit from Hong Kong-listed Far East Horizon on the evening of April 13, netting HK$506.77m ($65m) in the process, with pricing driven by funds’ desire for a lucky number.

China Cinda Asset Management has seen yet another shareholder trim its stake, with UBS netting HK$1.90bn ($245m) via a block on the evening of April 13. The number of shares offloaded were lower than the bank’s target during launch, as the seller stayed focused on getting the best price possible.

China Communications Construction Co (CCCC) has opened books to its maiden deal in the international bond market, having chosen a rare senior perp structure for a debut issue.

Global commodity company Ecom Agroindustrial has sealed its latest 364 day revolver at $470m, higher than the launch size of $300m.

Chinese brokerage HTSC has kicked off preparations for its $1.5bn-$2bn Hong Kong IPO, starting conversations with potential cornerstone investors this week.

The two big Swiss banks will be the worst hit by the Basel Committee’s rules on trading book assets, according to research from Deutsche Bank, which could push Credit Suisse to shrink its credit and securitization businesses.

Dufry, the Swiss travel retail operator, has launched a term loan of up to €800m to finance its acquisition of World Duty Free. It will mainly be syndicated to relationship banks.

ING’s debut additional tier one bested the book sizes achieved by recent blowouts in the asset class by bringing in a $26bn book by Thursday afternoon — one of the largest books ever seen in AT1.

The senior unsecured market saw a spark of life despite the holiday shortened week, with €4.66bn equivalent getting away in two business days.

The primary market in covered bonds was active this week, but not in its staple euro market. Canadian issuers came to the fore, supplying benchmark deals in sterling and dollars.

UBS has made a big commitment to re-establishing its global medium term note business by hiring a well-known figure to lead the origination effort.

ING has seemingly obtained a strong enough investor response for its debut additional tier one to announce the deal before the roadshow has even ended.