UBS

Yanzhou Coal Mining (Yancoal) priced a perpetual non call two year hybrid on Thursday to bolster its balance sheet. As slowing economic growth in China fans concerns about the future prospects of the country’s coal industry, the issuer took a cautious approach to structuring and had to pay a hefty premium.

Train manufacturer China CNR Corp priced its $1.13bn Hong Kong IPO close to the bottom of its indicative price range on May 16, a transaction that saw vastly different outcomes for its institutional and retail tranches.

Syndicate bankers hailed a return to form for senior debt this week, following a string of blowout deals. Given a week with no holidays to disrupt the market, financials reacted with gusto and printed around €12bn of senior debt, with investors stepping up to absorb the tide of issuance.

Nets, the Danish payment and information services firm, closed the books on its €1.2bn term loan ‘B’ on Wednesday with no change to its pricing.

Yanzhou Coal Mining has returned to the dollar market and is aiming to sell its perpetual bond. The bond follows a roadshow which wrapped up in Singapore on May 9.

Nets, the Danish payment and information services firm, closed the books on its €1.2bn term loan ‘B’ on Wednesday with no change to its pricing.

UOB made a strong come back into the Singapore dollar market on May 14, pricing a Basel III compliant tier two bond just two months after tapping the dollar market for capital. Demand from Singaporean investors for the UOB brand, as well as increasing familiarity with the new tier II format meant that the issuer was able to price with no PONV premium.

Online retailer JD.com is setting its sights on a $1.7bn Nasdaq listing, having started taking orders for what is the largest flotation yet of a Chinese tech firm in the US. JD.com’s deal comes hot on the heels of the much publicised IPO application by rival Alibaba, but bankers on the trade have dismissed it as nothing more than a coincidence.

Hainan Airlines opened the books for a three year offshore renminbi transaction on Thursday, with investor demand reaching Rmb3bn ($481m) by late afternoon. The deal will be the first offshore RMB corporate bond to be listed, cleared and settled in Singapore.

China’s Tianhe Chemicals Group started talking to investors on May 12 about a Hong Kong IPO that could be worth around $1bn.

Jingrui Holdings was forced to put its dollar bond on hold this week as bad news from the Chinese property sector deterred investors. But while bankers blame the macro backdrop, the company is small, highly leveraged and with a concentrated business model.

Five FIG issuers took to the subordinated markets to take advantage of months of undersupply this week, with the results highlighting not just the feverish grab for yield but also just how far banks have come since the crisis of 2008 in building their capital levels.