UBS
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Greek banks are making the most of exuberant conditions in the financial markets in 2021, with Eurobank spying a golden opportunity to return to the senior FIG bond market this week. The next milestone is the country’s first additional tier one and, having just breezed through an equity raise, Piraeus is a prime candidate to open the market. Frank Jackman and Sam Kerr report. -
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Vietnam property developer BIM Land JSC made its debut in the dollar market this week with a green transaction.
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Greek lender Eurobank returned to the market this week to land €500m of senior paper for its minimum requirement for own funds and eligible liabilities (MREL) at a yield above 2%, proving the market is there for even for very risky credits.
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The first quarter results for UBS’s investment bank looked much like a repeat of rival Credit Suisse’s earnings last week, with strong underlying performance marred by a loss stemming from former prime brokerage client Archegos Capital.
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AC Energy Corp, a Philippine renewable power producer, has kicked off a follow-on offering of primary and secondary stock, eyeing up to Ps12.4bn ($256.4m).
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Greece’s Eurobank is preparing this week to launch a callable senior preferred deal, which it will use towards its minimum requirement for own funds and eligible liabilities (MREL).
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Philippines-based Monde Nissin has won regulatory approval to launch its IPO next month.
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Indonesian property developer Pakuwon Jati returned to the offshore debt market this week after a four year hiatus, selling investors a $300m seven year bond.
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Philippines-based renewable power producer AC Energy Corp is drumming up demand for an up to Ps15.7bn ($323.7m) follow-on offering, scheduled for next week.
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The Province of Ontario ended an absence of almost four years from the Swiss franc market this week to land a 12 year note at fair value. Elsewhere, Valiant Bank and Pfandbriefbank kept the domestic market ticking over with a handful of covered deals.
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Meituan, a Chinese food delivery company, raised $10bn this week from a combined equity placement and convertible bond issue. Investors flocked to the deal for the investment grade rating and the offer of a highly liquid and volatile stock. Jonathan Breen reports.
