UBS
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Guangdong based Times Property Holdings completed its fourth appearance in the debt market this year by tapping its existing offshore renminbi bond for an extra Rmb600m ($98m) on October 7. But the trade proved to be tougher than expected as a result of a sell-off in Chinese property bonds.
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Abbey National returned to the sterling market in senior for the first time since 2010, printing a long-dated deal that was snapped up by investors amid a dearth of senior supply.
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Several enquiries from yield hungry investors have prompted Times Property Holdings to tap its existing Rmb900m ($146m) dim sum bond on October 7.
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Issuers of subordinated debt are likely to benefit from a wider range of investors in Swiss francs in the future. A Sfr525m deal from insurer Helvetia drew unprecedented institutional demand on Thursday, despite volatile trading conditions last week.
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The waste-to-energy (WTE) provider Canvest Environmental Protection Group looks to list on the Hong Kong Stock Exchange and has filed a preliminary prospectus.
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Technology companies GalaxyCore and M800 Group are mulling a listing on the Hong Kong Stock Exchange, as the market prepares for a busy rest of the year.
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Indonesian taxi operator Blue Bird Group opened books on Friday, October 3 for a Rph3.7tr ($307m) IPO, in a deal which will be the largest listing in the country this year.
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Videocon d2h, the satellite television arm of India’s Videocon Group, has filed a preliminary prospectus to list on the country’s stock exchange, in a deal that will raise up to Rp7bn ($114m).
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In a week with no senior or subordinated issuance in euros, RSA Insurance and Suncorp-Metway took centre stage with sterling prints. Both financials were able to get successful deals away despite struggling with turbulent markets, though they did catch some flak for issuing in volatile conditions.
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A shareholder in South Korean company Naver Corp has raised W287.7bn ($267m) by selling a chunk of his shares in the tech group, in a deal that was launched fully covered and allowed the lead to exercise a greenshoe option.
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Suncorp-Metway opened books for a sterling FRN on Monday morning, hoping to tap into demand for floating rate notes from investors anticipating a rates hike at the Bank of England in the near future. While a similar deal from Westpac New Zealand sold well last week, bankers away from the deal were concerned that a weaker rating could hurt Suncorp’s chances.
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Hana Bank has become only the second Korean lender to tap the dollar market for a tier two bond, pricing a $300m issue on September 25 that was multiple times oversubscribed. But some of the credit for success has to go the country’s regulator for tweaking its Basel III rules before the transaction.