UBS
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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.
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Chinese online recruitment company Kanzhun has hit the road with an up to $912m Nasdaq listing.
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China Youran Dairy Group and Carsgen Therapeutics Holdings have both rolled out their Hong Kong IPOs.
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Indofood CBP Sukses Makmur made its dollar debut this week with a dual tranche $1.75bn bond. The Indonesian noodle maker overcame investor scepticism about its fundraising strategy by selling long-dated notes that saw a strong reception from the market. Morgan Davis reports.
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Philippine company SMC Global Power Holdings Corp returned to the dollar bond market for the first time this year on Wednesday, meeting strong-enough demand to boost the size of its deal and offer just a small premium.
