UBS

Despite a year of turmoil, many bankers have a spring in their step, writes David Rothnie. They are rushing to get involved in the boom in special purpose acquisition companies (Spacs).

China Evergrande Group this week tapped the equity capital markets for HK$4.3bn ($554.9m), making its first primary share sale in five years. But the fundraising did not go as planned, with the embattled property developer nearly halving its initial target after investors called for a smaller deal. Jonathan Breen reports.

Four bond issuers from Greater China followed the Chinese ministry of finance into the dollar market on Wednesday, snapping up $1.4bn between them.

Asahi, Japan’s largest brewer, drew the biggest demand in the high grade corporate bond market on Wednesday, adding to the recent trend of issuers from the country getting a roaring response from investors in Europe.

China Evergrande Group’s stock price plummeted on Wednesday after the issuer slashed an overnight share sale to nearly half its initial target, raising HK$4.3bn ($554.9m).

A pair of European banks approached the euro senior market in different ways on Tuesday: Iccrea targeted a smaller pool of investors with its delayed callable debut, while BFCM went big with a blowout long 10 year.

BB Energy, the UK headquartered energy trading company, has signed a $197.5m syndicated loan, with the borrower increasing the size of its lending group and committing to build on new banking relationships.

China Evergrande Group, a property developer, hit investors with a jumbo top-up placement on Tuesday, eyeing proceeds of up to HK$8.4bn ($1.1bn), according to a term sheet seen by GlobalCapital Asia.

Simcere Pharmaceutical Group has begun its Hong Kong listing, opening books for the up-to HK$3.57bn ($460.6m) deal.

Three high yield Chinese property issuers turned to the offshore bond market on Monday, raising $950m between them.

Converge ICT Solutions, an internet service provider, has bagged Ps25.2bn ($521.1m) from its Philippine IPO after pricing the stock just off the bottom of the marketed range.

Argenta Spaarbank, Belfius Bank and Jyske Bank took differing approaches to sell €500m no-grow senior bonds this week — Argenta offered a substantial new issue premium, while the latter pair pushed their pricing close to fair value.