UBS

US oil and gas pipelines company Kinder Morgan has mandated banks for a debut bond, as American issuers flood into the euro market.

Nationwide and Pohjola Bank broke an almost three week long fast for the euro senior market on Tuesday, setting terms for 10 and seven year benchmarks respectively.

Hong Kong Broadband Network (HKBN) got off to a flying start on Tuesday when it opened the books to its HK$5.80bn ($747.72m) listing, setting the stage for what looks to be the city’s largest IPO to price so far this year.

Shandong Weigao Orthopaedic Device Company is eyeing a $300m IPO in Hong Kong slated for the first half of the year, banking on the still-bullish sentiment for Chinese healthcare stocks.

Hedge funds seeking alpha have been buying calls on technology and healthcare single stocks on the back of increased cash inflows and corporate share buybacks. This call buying has been hedged with puts on the S&P 500, according to traders.

Fuyao Glass may start pre-marketing its $600m-$800m IPO in Hong Kong next month ahead of a listing in the second quarter of the year.

It was a week of firsts in the additional tier one market, which saw the first deal to include a greenshoe clause aimed at stabilising secondary performance, writes Nathan Collins.

The spread between double-B and single-B rated European bonds is at its widest since the aftermath of the financial crisis, as investment grade investors reach down to the top layer of high yield.

UBS’s corporate finance revamp is a vibrant work in progress, not the last hurrah of a fading champion, writes David Rothnie.

Chinese metal packaging and bottling solutions provider CFP is planning to raise $250m-$300m from an IPO in Hong Kong in the second half of this year, having filed a preliminary prospectus with the city’s regulatory body.

UBS added to a hectic week of AT1 issuance on Friday, making its debut in the format with a triple tranche deal denominated in dollars and euros. The Swiss bank is the first issuer to sell low and high trigger AT1 notes as part of the same transaction and is also the first Swiss issuer to sell a high trigger instrument in dollars.

This week was supposed to be all about IPOs in the European equity capital market, with the pricing of a string of deals, above all the highly successful €4.25bn privatisation of Aena, the Spanish airports operator. But a carnival of block trades on Thursday stole the show, as sellers from British Telecom to Silvio Berlusconi pounced on a rising market, either to lock in recent gains opportunistically or to further strategic business needs. Jon Hay reports.