UBS

South Korean e-commerce firm Coupang is set for a multi-billion-dollar New York IPO — the first US listing from the country for a decade. The deal structure could appeal to other Korean start-ups, bankers said this week. Jonathan Breen reports.

The logistics unit of Chinese internet company JD.com is planning to list in Hong Kong through a multi-billion-dollar IPO.

UBS and Santander Consumer Finance found a combined €8.15bn of demand across the senior curve on Monday, printing deals between five and twelve years in tenor. With market conditions good, bankers expect more deals to follow.

National Bank of Kuwait, the country’s largest financial institution, has mandated banks to arrange an offering in its return to the additional tier one market. Market participants, however, are still holding out hope for the Kuwaiti sovereign to make an appearance.

Coupang, an e-commerce company, is planning a $1bn IPO in the US as it gets ready to become the first South Korean firm to list in New York in 10 years.

Robert Karofsky will be the sole president of UBS's investment bank once his colleague Piero Novelli leaves the firm at the end of next month.

The UK sold its last syndication of the financial year on Tuesday, selling a £2.25bn 2051 index linked bond — its first syndication in the format since November 2019.

Snam, the Italian gas pipeline company, and SKF, the Swedish ball bearing maker, kicked the week’s corporate bond new issuance off in Europe on Monday with deals that offered razor-thin spreads from the start.

A pair of triple-A rated European agencies sold their first Swiss franc bonds for several years this week, responding to reverse enquiry for long dated, high rated paper.

CTP, the Dutch logistics real estate company, did away with its usual bond marketing routine and went with a one day execution on its latest deal on Thursday, as the company reckoned on the green label and the sector it operates in being enough to get investors on board.

New Horizon Health, a medical device manufacturer, has scooped up HK$2.04bn ($263.4m) from its IPO after strong institutional investor demand pushed pricing up to the top of the marketed range.

Deloitte has hired another former investment banker to work with financial firms, in the form of Guy Stevens.