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Default pressures weigh on China bonds
More sudden shocks in China’s bond markets sent investors running for cover last week, dealing a further blow to Asia’s fragile US dollar high-yield credit market.
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Xiaomi’s debut provides listing relief for Hong Kong
Hong Kong IPO hopefuls breathed a sigh of relief after newly listed Xiaomi reversed last Monday’s weak debut to end its first week as a public company 26% above its IPO price.
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M&A spurs US loan fees to record high
A record US$1.45trn of US syndicated lending in the first half of the year has propelled bank fees from arranging loans to an all-time high.
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Banks cull EM traders as losses mount
At least 15 London-based emerging markets bond traders have left their roles over the past couple of months as heavy losses in the asset class take their toll, sparking fears about the commitment of financial institutions to the secondary trading business.
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Credit Suisse sets new landmark for AT1 market
Credit Suisse Group gave the Additional Tier 1 market a much needed fillip last week, landing the biggest order book of the year for a bank capital bond but the chunky price it had to pay could set an uncomfortable benchmark for those that follow.
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Idorsia equity/CB combo raises US$508m
Switzerland’s Idorsia Pharmaceuticals raised SFr505.18m (US$508m) on Tuesday night, with proceeds to fund the Phase 3 development of the biotech company’s late-stage pipeline, as well as its early-stage and pre-clinical pipeline.
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Sempra raises US$1.6bn in Oncor encore
US regulated utility Sempra Energy forged ahead with the second and final leg of the equity financing for its US$9.45bn acquisition of Texas-based power distribution company Oncor, raising US$1.6bn in a dual-tranche equity/equity-linked offering even as it battles activists pushing for a wider overhaul of the company.
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Canadian weed grower rolls up at Nasdaq
The business of growing cannabis on an industrial scale is being led by Canadians, after the federal government last month moved ahead with measures to legalise recreational consumption of the drug across the country from October.
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Palo Alto lands US$1.5bn from year's biggest CB
The US convertible bond market has taken on an element of wash, rinse and repeat, with Palo Alto Networks the latest tech company to take the dip with an opportunistic US$1.5bn five-year CB, the largest CB this year.
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China vows more bond connections
China has pledged to further improve access for foreign issuers and investors to the world’s third-largest bond market through a streamlined Bond Connect link and a revamped Panda bond market.
