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Month: June 2020

Other Voices: ESMA takes aim at fund costs

Commentary from INDOS Financial The thorny issue of fund costs and charges has been hotly contested by EU regulators for a number of years now amid concerns that investors were being disadvantaged. This focus continues

SRI bond frameworks could come after deals

Participants in the sustainable bond market are considering allowing issuers to publish their sustainability frameworks after issuing bonds, instead of before. This would be a major change in market practice.

Croatia takes €2bn in one swoop as investors scramble for paper

The Republic of Croatia benefited from a tightening euro market on Wednesday, as it printed a €2bn 1.5% June 2031 bond on the back of orders 4.5 times that amount.

People moves in brief

NatWest Markets names CEO and CFO — Natixis appoints new managers for UK and Middle East — Barclays' private capital markets boss leaves

Flood of euro supply causes periphery widening

A deluge of euro paper hit the SSA market this week as issuers flocked to the market to take advantage of the surge in confidence after the European Central Bank’s expanded its pandemic emergency purchase

Bankers mull future of keepwell bonds

The debt restructuring at China’s Peking University Founder Group is set to be a test case for offshore bonds backed by keepwell agreements, a structure often favoured by many mainland borrowers. The outcome of the

Philippine port company locks in $400m

International Container Terminal Services (ICTSI) raised $400m in the international bond market on Wednesday despite the Covid-19 pandemic challenging the Philippine issuer’s transaction.

Mengniu milks investors for $800m

China Mengniu Dairy Co hit the debt market straight after a profit warning, but still managed to attract investors to its $800m dual-tranche bond, tightening pricing on both portions by 80bp.

JD.com to pocket $3.9bn from bumper HK listing

Chinese e-commerce company JD.com is set to raise HK$30.1bn ($3.87bn) from its Hong Kong secondary listing, according to a source familiar with the matter.

HSBC, StanChart under fire over HK security law support

HSBC and Standard Chartered are facing a backlash from investors and politicians after publicly supporting China’s planned security law for Hong Kong.

China’s 58.com eyes $3bn for take-private, but loans bankers prove reluctant

Chinese online marketplace 58.com is seeking a $3bn loan for its take-private from the Nasdaq. The company is relying on Chinese banks to raise the money, but several told GlobalCapital Asia they were not interested.

Radiance and Powerlong add to debt coffers

Chinese property companies continued to pile in to the dollar bond market on Wednesday, with Radiance Group Co and Powerlong Real Estate Holdings using up their remaining fundraising quotas.

IPO hopefuls rush for approval as second half looms

Hong Kong’s IPO market is gearing up for a busy few weeks as companies push for listing approvals before the end of June, with bankers and investors remaining bullish on the city’s stocks. Jonathan Breen

Jiangxiaobai eyes $1bn from Hong Kong IPO

Jiangxiaobai is planning to list in Hong Kong this year, according to a source close to the deal.

EQT signs biggest ever ESG-linked subscription credit facility

Sweden’s EQT, the private equity company, has signed the largest ever environmental, social and governance (ESG)-linked subscription credit facility, raising hopes that the structure could become more common among PE firms.

Sofinnova Partners sells its stake in Corvidia in $2.1bn deal

Life sciences venture capital firm Sofinnova Partners has sold its portfolio company Corvidia Therapeutics to Novo Nordisk for $2.1bn.

Kian Capital Partners sells its position in healthcare education company TrueLearn

Middle-market private equity firm Kian Capital Partners has successfully exited TrueLearn, a provider of virtual learning and exam preparation technology for physicians and healthcare professionals.

BoE boosts QE, Gilts unmoved

The Bank of England added £150bn to its quantitative easing programme at its monetary policy meeting on Thursday. The move will go a long way to soaking up the additional supply of Gilts.

Brynwood Taps Nestle Again

Brynwood Partners has formed Buitoni Food Company to acquire the North American Buitoni business from Nestlé at an enterprise value of $115 million. Buitoni is a national brand in the refrigerated pasta, sauces, and cheese

Capital Partners Buys MicroCare

Capital Partners has acquired MicroCare, a manufacturer of fluids and tools used for cleaning, coating, and lubrication. The buy of MicroCare was made through Capital Partners Private Equity Income Fund III LP, a $600 million

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