UBS

Bank of China took its pivot away from Libor-linked bonds further this week by selling a dollar note tied to the secured overnight financing rate (Sofr) and a sterling-denominated deal that was the first Sonia-linked bond from a Chinese issuer. While BOC’s transaction was important, bankers say the new benchmarks are still slow to take off in Asia. Morgan Davis reports.

Pfandbriefbank Schweizerischer Hypothekarinstitute woke up the Swiss franc market on Tuesday by selling the first bond in almost a fortnight.

UBS was hot on the heels of Credit Suisse with a new issuance in the dollar market this week, as banks spy an opportunity to get funding done in early August.

Hong Kong’s Securities and Futures Commission has hit UBS and its securities unit with a combined HK$11.55m ($1.5m) in fines for regulatory breaches.

Korea Midland Power Co steered its $300m bond through tough market conditions on Monday, having little option but to offer investors a premium to ensure decent secondary performance of its notes.

US-listed hybrid electric vehicle maker Li Auto has hit the road for its Hong Kong secondary listing. The deal could raise around HK$13.1bn ($1.68bn) based on the last close of its US stock.

JP Morgan has topped up its expertise in shareholder activism in EMEA with the appointment of Darren Novak, a veteran of the discipline who previously worked at UBS, as head of shareholder engagement and M&A capital markets (SEAMAC) for the region.

Fujian Yango Group Co has sold a $250m bond as part of a liability management exercise.

Hybrid electric vehicle maker Li Auto received the go ahead from Hong Kong’s stock exchange for a secondary listing.

India’s largest ever leveraged buyout loan, tied to Blackstone’s stake purchase in IT services company Mphasis, is in the market, after inviting a wide group of banks to participate in general syndication.

Terminal X Online Ltd, the Israeli fashion e-commerce company, is due to price its IPO at Ish11.42 a share, the top of the initial range, valuing the company at Ish1.3bn ($390m) on a post-money basis.

Philippine property developer Filinvest Land has set the final price for its real estate investment trust (Reit) IPO.