UBS

Luye Pharma Group opened books for its HK$5.9bn ($764m) Hong Kong initial public offering on Monday, June 23, with a price range that is at a premium to comparables, as the leads look to take advantage of the company’s strong credentials in the healthcare sector.

Korea Gas Corp (KoGas) is in the market with its third dollar trade of the year. The borrower opened books for a 12 year bond on Monday.

China Construction Bank (CCB) Asia printed the first ever dim sum bond to be issued in Switzerland on Thursday, selling a Rmb1.25bn ($203m) three year print. The deal highlights the renminbi’s growing presence in Europe.

Rating: Caa3/B/B-

Société Generale continued the rush to boost capital by tapping the 144A market with an additional tier one deal.

Westpac New Zealand issued the first legally enshrined covered bond from the country in euros this week in a move that is likely to have been closely followed by several other Kiwi issuers that will now be looking to emulate its extraordinary success.

MOVES IN BRIEF

Cyprus drew a flock of international investors to its comeback five year syndication this week as Greece mulled its options for a second syndication of the year. But concerns are growing that a wave of volatility may be about to confront investors in an ever more frenzied hunt for yield as banks take up the European Central Bank’s targeted long term refinancing operations (TLTROs) later this year.

Finland's Pohjola Bank and Dutch Rabobank found favour with Swiss investors this week, their rarity and solid credit profiles allowing both issuers to double their minimum size ambitions for senior deals.

Barclays is set to issue £2.27bn equivalent of CRD IV-compliant additional tier one securities after completing its offer to exchange old-style tier one bonds on Friday, bringing the bank’s total outstanding volume of new-style AT1 to more than half its £7bn target.

Nationwide opened books on Wednesday for the first post-crisis UK dual tranche covered bond, and only the second in that format from any jurisdiction this year. The successful outcome may help to establish dual tranche syndication for those issuers looking to raise large amounts of cash without compromising execution.

China Construction Bank (CCB) Asia is out in the market what bankers believe is the first dim sum bond to be issued in Switzerland as the bank deepens its involvement in the renminbi’s burgeoning presence in Europe.