UBS

Corialis - KKR's Finedining Capital - Douglas Holding

Bankers, investors and issuers alike have been keen to sing the praises of green bonds and other socially responsible investments during 2014. Nevertheless, the largest and most successful bond issue in Swiss francs this year — a Sfr1bn triple tranche from British American Tobacco, sold on Monday — came from a much-criticised industry.

Beijing-based Oceanwide Holdings made its debut in the bond market on September 1, raising $320m from a five year non call three paper that was met with some scepticism by investors who questioned the firm’s future business plans.

Corialis, the Belgian supplier of aluminium for domestic structures, is close to launching a €483m loan to back its buyout by Advent International.

China Oceanwide Holdings Group (Oceanwide) has announced guidance on its debut international bond and will use part of the proceeds to fund a project in Los Angeles.

E-commerce firm Alibaba Group, which was expected to open books for a jumbo IPO on September 2, has decided to push back bookbuilding by a week. This is bad news for other issuers sitting on the sidelines as they will have to wait slightly longer before they go ahead with their own listings.

Indonesian industrial estate developer Kawasan Indus tri Jababeka is meeting investors in Asia this week for an exchange offer of its existing 2017s. Those bonds have rallied in secondary as the exchange offer is the only way investors can get their hands on the new bonds which are offering an attractive yield.

China Oceanwide Holdings Group is expected to issue a five year bond to finance an acquisition of land in Los Angeles according to an investor who met the company last week.

Chinese private equity firm Hony Capital sold a HK$4.095bn ($528m) stake in CSPC Pharmaceutical Group on August 28 by pricing at the bottom of guidance in what was its fourth stake reduction in the company in 16 months.

Rating: A2/A/A

Zurich based debt bankers are preparing for an exciting close to the year, with September set to bring a four month race between the Swiss franc market’s two top dogs as perpetual bridesmaid UBS threatens to take the top spot for the first time since the 1990s.

Mergers and acquisitions are set to be an important driver of corporate bond issuance this autumn. Deal mandates are already building up — in fact, M&A is the driver for virtually all the deals that have yet appeared in Europe’s corporate bond pipeline this season.