A clampdown on follow-on activity sent a shockwave through China’s equity market last week, threatening fundraisings worth at least Rmb32bn (US$4.65bn).
Web conferencing provider Premiere Global Services is considering a return to the loan market to reprice its debt and even add a little more to pay a dividend after struggling to sell the same buyout-related debt last year, illustrating growing demand for US leveraged loans.
Snap drummed up strong interest in the first week of the roadshow for its much-hyped US$3.2bn IPO, though many investors still have deep reservations.
UniCredit has achieved overwhelming market support for its €13bn capital raise – the biggest from a bank since the depths of the crisis – with 99.8% of rights being taken up during the subscription period, an impressive result for the struggling Italian bank.
Bond investors continued to show strong interest last week in new sub-prime auto loan bond deals, despite increasing alarm about a rising tide of missed car payments.
The European Financial Stability Facility found more than €5.6bn of demand for a €4bn long four-year bond issue on Tuesday, but a concurrent €1bn 39-year generated only about €1.2bn of orders, highlighting the issuer’s woes at the long end.
The standards board for fixed income markets sees dozens of grey areas that could open the door to conflicts of interest, and is aiming to clarify and codify the rules around them.
HSBC said it plans to issue about US$30bn of loss-absorbing debt this year, similar to 2016, which will more than double the annual cost of the debt.
The European Commission is unlikely to block Italy’s plan to recapitalise Banca Monte dei Paschi di Siena after the failure of the bank’s €5bn private-sector fundraising, but could impose harsh restructuring conditions to make the Tuscan lender less systemically important in the region.
Activist hedge fund Corvex Management sold more than half its stake in restaurant group Yum Brands in a nearly US$800m block trade last week, the latest in a flurry of sizeable stock sales using the unregistered format.