UBS

What was supposed to be the largest Hong Kong IPO of 2014 ended in acrimony on Tuesday night as WH Group ended its sorry journey to market by postponing its HK$14.6bn ($1.9bn) listing.

New York Life Insurance Company is set to return to the Swiss franc market after an eight year absence on Monday afternoon, with leads marketing a five year trade. The issuer's strong rating — triple-A from two of the major rating agencies — is expected to draw in strong demand.

CLP Power received a strong following from institutional investors for a hybrid perpetual non call 5.5 year bond that priced on Tuesday night. The trade was intended to strengthen the issuer’s balance sheet following the announcement of big acquisitions at the end of last year.

Philippine property company 8990 Holdings has priced a $182m block trade that market participants considered as a re-IPO, given the small size of its float on the Philippine Stock Exchange.

China Cinda Asset Management is seeking its first dollar bond as it meets investors this week and next. It is the second Chinese bad debt management firm to hit the market after China Orient Asset Management issued $600m last September.

Australia’s Spotless Group Holding, an outsourcing, laundry and linen services provider, is set to borrow loans worth around A$840m ($778.8m) after the company closes its initial public offering of A$1bn.

CLP Power opened the books for a perpetual non call 5.5 year issue on Monday morning. The issuer is making its subordinated bond debut as it looks to strengthen its balance sheet after announcing acquisitions at the end of last year.

State Grid Corporation of China returned to the market with a multibillion triple-tranche transaction on Monday morning. But despite nearly $10bn having already been absorbed by issues from other major Chinese state owned enterprises this month, bankers said there is still room for State Grid to do a jumbo deal.

Times Property Holdings reopened its debut dollar bond on Thursday after receiving strong anchor orders. Despite recent negative headlines surrounding the Chinese property sector, investors took a keen interest in the offering, allowing the issuer to quickly close the deal and even increase the deal.

The restructure and downsize of WH Group’s IPO at the eleventh hour was ultimately due to unwieldy competition within its enormous syndicate. As a result, the market is calling for the regulator to take action.

Italian insurer Assicurazioni Generali took advantage of a good market tone to offer a deal that combined features of recent success stories: subordinated insurance debt, and Europe's periphery.

The market for new equity issuance sprung back to life on Tuesday with the London launch of an IPO for Card Factory, as market confidence grew after some weakness in trading before Easter.