UBS

Future Retail’s inaugural dollar bond raised the curtain for India’s retail shopping sector, as the company leveraged on its new partnership with e-commerce giant Amazon to raise $500m. But while the industry appeals to investors, issuance pipeline from the country remains thin, writes Morgan Davis.

Taipei-listed Innolux Corp hit the market on Wednesday with a $300m convertible bond, its debut equity-linked deal.

Future Retail threw open the door for India's retail shopping sector on Tuesday with its $500m debut bond, getting a solid book of $3bn for the transaction.

SMC Global Power Holdings Corp took advantage of an exceptionally bullish credit market, getting a peak order book of around $5bn for a $600m deal.

UBS can sponsor Hong Kong IPOs again, the city’s financial regulator announced on Tuesday after lifting a ban imposed on the bank in March last year.

Seven borrowers from Greater China raised about $2bn from new dollar bonds on Monday, while Hong Kong's Cathay Pacific tapped the Singapore dollar market.

Unione di Banche Italiane was close to 14 times subscribed for a €400m additional tier one (AT1) in the euro market on Monday, as it capitalised on expectations of scarce supply in the asset class. The debut deal means the bank will become the fourth Italian issuer of AT1 capital.

Private Russian bank Credit Bank of Moscow announced a roadshow on Monday, mandating banks for the sale of a benchmark five year dollar deal.

UBS is ramping up collaboration between its investment bank and its wealth management unit, as it seeks to find more revenue opportunities from its client base of wealthy individuals and family offices.

Seven Chinese real estate issuers followed five of their peers to the offshore debt market on Tuesday, marking the busiest start to the year for the Asian bond market.

Chinese e-commerce giant JD.com has returned to the dollar bond market for the first time since 2016 for $1bn, pushing out its maturity profile and pricing the deal at levels comparable to some of its much higher rated peers. Addison Gong reports.

Issuers rushed to open the euro covered bond market this week. Trades from ABN Amro, Erste Group and LBBW showed that investors are ready to put cash to work, but higher new issue premiums suggested that issuers were taking a 'conservative' approach at the beginning of the year.