UBS

A number of Chinese real estate companies kicked off their refinancing for 2020 on Monday, with higher rated issuers tapping longer-dated bonds and the weaker names actively engaging in liability management.

The success of Indian gold financing firm Muthoot Finance’s debut dollar bond sale in 2019 spurred gold loan provider Manappuram Finance to seek funds from the international debt market on Monday.

Asian bond issuers went full speed ahead with their fundraising plans on Monday, launching new deals ahead of Chinese New Year holidays at the end of the month.

Blackstone-backed Mindspace Business Parks Real Estate Investment Trust (Reit) is preparing an IPO of new and existing stock, set to be just the second listing from the asset class in India.

Shares in Schmolz + Bickenbach, the Swiss steel maker, surged 9% on Friday after the company said it is due to price its Sfr325m rights offer at Sfr0.30, the top of the range, securing its future after a long period of underperformance.

Big European investment banks pivoted towards the Americas during 2019 in an attempt to boost revenues and position themselves for the next downturn, writes David Rothnie. With large M&A across the industry still off the table, banks are finding scale through joint ventures and alliances.

John Lee will become sole head of Greater China global banking at UBS next year, after co-head Xuewen Bi steps down from his day-to-day managerial job.

Covered bonds performed well in 2019, but yields finished in negative territory and spreads ended at their tightest for the year. The implication is that, despite higher than expected ECB covered bond purchases and a renewal of its ultra-cheap TLTRO facility, investors will struggle to match 2019’s returns in 2020, writes Bill Thornhill.

Struggling Swiss steelmaker Schmolz + Bickenbach has launched an emergency rights issue after the Swiss market regulator FINMA approved it on Monday.

Poly Property Development has launched a roadshow for its Hong Kong IPO, with Singapore's sovereign wealth fund GIC throwing its weight behind the company.

Chinese real estate firms Seazen Holdings Co and China South City Holdings both came to the dollar bond market this week, making use of a narrowing window for issuance before the year ends.

Three Chinese property names hit the bond market on Tuesday, raising a combined $1.624bn in a mix of senior and subordinated trades.