UBS
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A reverse enquiry from an institutional investor drove Raiffeisen to reopen its Swiss franc additional tier one (AT1) note this week, which was bumped up even further by demand from retail buyers.
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Philippine real estate investment trust MReit filed for IPO approval this week. It is targeting up to Ps27.3bn ($562.3m), which would make it the country’s largest Reit listing. -
China’s Full Truck Alliance, an Uber-like service for trucks, launched an IPO on the New York Stock Exchange this week. It is aiming to raise up to $1.56bn.
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China Aoyuan Group’s attempt to woo investors to its $200m bond with a generous yield fell flat on Tuesday. Recent concerns about the property developer’s leverage, and the subsequent fall of its dollar bonds in the aftermarket, held investors back from the new deal — and caused a further spiral in secondary. Morgan Davis reports.
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Piraeus Bank showed the depth of investor demand for high-yielding bank debt this week when it brought the first additional tier one (AT1) out of Greece with one of lowest ratings ever seen in the market. Greek banks are now expected to turn their attention to the minimum requirements for own funds and eligible liabilities (MREL), where green labels and sustainability-linked structures could help them achieve their goals.
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A trio of foreign banks tapped an attractive Swiss market this week, finding opportunities to top up their well-advanced funding programmes with a bit of pricing arbitrage.
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Hong Kong department store chain Lifestyle International Holdings returned to the debt market this week after a two-year break to raise $350m.
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Piraeus Bank has become the first Greek issuer of additional tier one (AT1) capital, finding enough demand this week to launch a CCC rated deal with a coupon below 9%.
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Kaisa Group Holdings battled a volatile market for Chinese high yield issuers on Tuesday when it kicked off a $280m tap, as news around banks’ exposure to peer property credits rattled investors.
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Cambodian company NagaCorp navigated the difficulties posed by the closure of its casino to raise $200m on Monday, tackling investor questions and concerns while building up its cash reserves.
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Piraeus is set to become the first Greek bank to print an additional tier one (AT1) bond — the next step in its capital plan after the closing of its €1.4bn equity raise last month.
