UBS

In a direct illustration of how far the additional tier one market, and yields on both subordinated debt and that of the European periphery's financial institutions, has come, Banco Popular Español is looking to issue an additional tier one with a coupon likely to be five points lower than where it priced an AT1 deal less than a year ago.

Chinese passenger vehicle manufacturer BAIC Motor Corp has filed its preliminary prospectus for a Hong Kong IPO, in a deal that will raise between $1.5bn and $2bn.

E-commerce platform provider Cogobuy Group opened books for its HK$1.54bn ($200m) IPO on July 4, with the 343m shares being pitched at a big discount to its closest comparable – HC International.

The Swiss Banking Association (SBA) is expecting the establishment of a currency swap line between the Swiss National Bank (SNB) and China’s central bank in a few months, with a renminbi clearing bank appointment to follow.

Luye Pharma Group has priced its HK$5.9bn ($764m) IPO at the top of the range, as the healthcare sector found favour among investors. But heavily subscribed books meant that some accounts ended up empty handed.

VTB Bank on Thursday became the first Russian issuer to issue in the Swiss franc market since Russia’s annexation of Crimea earlier this year, shrugging off the worries of some syndicate bankers to increase the size of the subordinated bond while pricing competitively to Gazprombank’s own Swiss franc tier two.

There were big increases in overall volume for Asia Pacific ex-Japan bonds, loans and equity in the first six months of 2014, with bonds and loans posting their biggest ever first half results. DCM rose by 9% from the same period in 2013, to $576bn, while loans jumped 16% to $243bn. ECM volumes were up 15% to $107bn, the highest level since the first half of 2011.

VTB Bank is set to become the second Russian issuer to tap the Swiss franc market this year, selling a tier two bond on Thursday. The deal is receiving a positive response from investors, according to bankers involved, despite some concerns about the geopolitical situation in Eastern Europe following Russia’s annexation of Crimea.

China’s Beijing Urban Construction Design & Development Group raised HK$928m ($120m) on June 30 by pricing its IPO at the bottom of its indicative price range. Institutional books were said to be comfortably covered although the same could not be said of the retail tranche, which ended up only 38% subscribed.

Telecommunication and mobile phone retailer Beijing Digital Telecom was forced to price its HK$883m ($114m) IPO at the bottom of guidance on June 30 as investors showed signs of deal fatigue after a rush of deals in June.

Chinese social media platform Tian Ge Interactive Holdings has priced its IPO just a little short of the top of the range, netting the company proceeds of HK$1.6bn ($206m).

Swiss syndicate bankers are debating whether investors will shun a tier two bond being issued by VTB Bank this week following Russia's annexation of Crimea earlier this year. The issuer completes a roadshow in Switzerland on Wednesday.