UBS

RAG Stiftung, the German state-backed foundation set up in 2007 to support the environmental transition of the country’s coal mines, issued a €500m exchangeable bond on Wednesday at a negative yield.

UBS scooped another block trade in Hugo Boss shares on Monday night, for €918m, following the €500m underwritten trade it had conducted in December. Private equity firm Permira has been selling down its stake – and there is probably now just one block trade left to do in the stock.

UBS announced its fourth quarter results on Tuesday, reporting growing investment banking profits as a strong advisory and equities business helped to combat a torrid quarter for fixed income. However, it also warned that the increased value of the Swiss franc, along with negative interest rates in Switzerland and the eurozone, would likely damage its profitability in the future.

BBVA is looking to cut the cost of raising additional tier one capital on its third such transaction in two years, announcing initial price thoughts of high-6% area for a perpetual non-call five year trade in euros, compared to the 7% it paid to sell a euro perp non-call five year in February 2014.

Metro Pacific Investments Corp (MPIC) raised Ps8.9bn ($200m) on the evening of February 9 through a top-up placement dominated by demand from long-only funds, as investors took advantage of growth opportunities available in the Philippine stock market.

The Asian high yield market seemed to have finally got going in late January, with a parade of borrowers successfully pricing bonds. But the apparent failure of trades from two southeast Asian credits has taken its toll, shutting the market to further deals. With conditions already difficult, leads should act more responsibly — and say whether the bonds are going ahead or not.

Hong Kong’s second largest broadband internet provider, HKBN, has started gauging investors’ appetite for its IPO of around $600m, with the company’s strong credentials and large market share in the city expected to play a big role in wooing investors.

Indonesian hospital operator Mitra Keluarga has kicked off the pre-marketing stage of its $300m domestic IPO, with initial positive feedback from investors leading to plenty of anchor demand already in hand.

DFS, the UK furniture retailer known for its prolific television advertising and continual discount sales, announced its IPO on February 6, hoping to raise about £105m. Jefferies and UBS are global coordinators, with Numis Securities bookrunner.

Equity block trade activity picked up in Europe this week, though bankers still think it can get busier, as companies emerge from blackouts in the coming weeks.

The month-long gloom in Chinese property credits is finally dispersing after Shimao Property Holdings priced the sector’s first high yield bond of the year on February 3. Not only did the deal attract a huge order book but it also managed to attain solid pricing.

The Asian high yield market has finally opened up, with issuers pouring in to get a start on their backlogged funding. But as a pair of first-time southeast Asian companies were forced to extend bookbuilding after failing to gain sufficient appetite, bankers said the market was not yet ready to embrace untested and unknown issuers.