UBS

The market for European financial institutions' subordinated debt took off on Thursday, defying expectations that the holiday in Europe would put a damper on issuance for the week, as Legal & General, Société Générale and Coventry Building Society came to market with deals.

Casino operator Melco Crown (Philippines) Resorts Corp raised Ps5.48bn ($125m) on Wednesday to garner funding for its City of Dreams Manila project.

Two southeast Asian issuers are meeting investors for dollar bonds which, if successful, will offer investors much wanted diversification opportunities.

Investors in FIG private placements are mulling moving down the capital stack, after refusing to revise their target yields two weeks after a European Central Bank rate cut caused banks to reduce their offered levels.

Supporting a team in the World Cup is known to cause emotional trauma, but UBS’s Aya Suzuki has found an ingenious way to avoid sudden shocks when following England, her adopted team.

Rabobank was set to follow the example of fellow Dutch lender ABN Amro by selling floating rate Swiss franc debt at the short end of the curve on Wednesday. By selling notes with a maturity just shy of two years the bank is expected to be rewarded with strong demand from money market funds.

Hong Kong’s eSun Holdings printed its inaugural offshore renminbi bond on Tuesday with an unrated Rmb650m ($105m) four year issue that marked the first high yield trade in the CNH market this month.

Hong Kong’s eSun Holdings opened the books for its debut offshore renminbi issue – an unrated four year bond – on Tuesday. eSun is only the second high yield Chinese borrower to appear in the CNH market in two months.

Paul Stefansson is to succeed René Bühlmann at UBS Global Wealth Management as Asia Pacific head of investment fund distribution, while Patrick Grossholz is to become investment products & services local product head for Hong Kong, writes Selma Piper.

UBS has hired Jerry Marcus as vice chairman in Corporate Clients Solutions Americas (UBS’s term for its coverage group). He will build out UBS’s retail coverage effort, according to a memo seen by GlobalCapital.

China’s Tianhe Chemicals Group priced its HK$5.08bn ($658m) IPO close to the bottom of its indicative price range on June 13 as investor interest differed greatly between institutional and retail accounts.

Covered bonds maintained primary market momentum this week, but issuers adopted very different pricing strategies and delivered contrasting outcomes. The degree of hesitancy that had been evident in the run up to last week’s European Central Bank meeting disappeared with a robust bid returning for higher yielding bonds. In contrast, low beta deals that offered a negligible spread were only just subscribed.