UBS

Bank of Ireland this week issued the first additional tier one (AT1) capital instrument since the start of the coronavirus pandemic, minimising the execution risk by borrowing from the ECM playbook and wall-crossing the deal ahead of launch.

Hong Kong property company New World Development Co, which has taken hits to its business due to both the social unrest in the special administrative region and the Covid-19 outbreak, has raised $600m from the bond market with a 20bp new issue premium.

China-based Kintor Pharmaceutical has kicked off bookbuilding for its Hong Kong listing, the latest in a stream of healthcare IPOs in the city. The issuer is targeting HK$1.86bn ($240.1m) in proceeds.

SEB offered investors a negative new issue premium with its preferred senior deal on Monday. With conditions consistently improving for European issuers, this deal has shown that the market is ripe for issuance in the format.

Peijia Medical bagged HK$2.34bn ($302m) from its IPO after winning huge support from institutional and retail investors, according to a source close to the deal.

Chinese hotel company Huazhu Group has returned to the equity-linked market, raising $450m from a bond convertible into its American Depository Shares (ADS).

Chinese company Kingsoft Cloud Holdings has raised $510m after boosting the size of its Nasdaq float.

UBS has hired from China’s top banking and insurance regulator for a newly created job called China integration lead.

The UK Debt Management Office has picked the banks to lead the sale of its new October 2061 conventional Gilt, which will be its second of an unprecedented two syndications in a single calendar month.

Issuers are starting to feel more comfortable with the new normal of wider spreads as a flurry of deals dusted the Swiss franc market, including a rare operating-company level visit from UBS.

Issuance in the financial institutions bond market had a preferred senior flavour this week, with issuers finding this the most cost-effective funding compared with other asset classes. In addition, some of them can use it to fulfil regulatory requirements.

Royal Bank of Scotland has become the first European bank to issue subordinated debt in more than two months. It took advantage of strong demand in the sterling market this week, with investors confident that the UK lender will be well placed to withstand the economic impact of the coronavirus pandemic.