Goldman Sachs

South Korean e-commerce firm Coupang is set for a multi-billion-dollar New York IPO — the first US listing from the country for a decade. The deal structure could appeal to other Korean start-ups, bankers said this week. Jonathan Breen reports.

Italy hit the market with a dual tranche on Tuesday, raising €4bn with a 30 year linker and €10bn with a new 10 year BTP. A sharp move in pricing on the 10 year leg meant it lost €45bn of orders, but SSA bankers on and off the deal said the trade was still a good result.

CPPIB Capital made a strong return to the 10 year part of the euro curve on Wednesday, with a book over two times covered and a new issue premium of just 1bp. Bremen also hit the euro market, selling €500m of 30 year paper through its curve.

The logistics unit of Chinese internet company JD.com is planning to list in Hong Kong through a multi-billion-dollar IPO.

Japan's NEC Corp offloaded its remaining stake in Hong Kong-listed Hua Hong Semiconductor on Tuesday, raising HK$5.69bn ($733.9m).

Italy came to the market for its first syndication since a seismic rally in the sovereign’s bonds after Mario Draghi agreed to form a new government earlier this month. But despite the huge confidence from investors in BTPs, a compression of 4bp from initial price thoughts for a new 10 year led to a dramatic loss of over €45bn orders.

Two SSA borrowers hit screens on Tuesday to announce benchmark bonds. Deal flow in the SSA market has slowed after the January rush, but borrowers are still keeping investors busy with a regular flow of deals.

Coupang, an e-commerce company, is planning a $1bn IPO in the US as it gets ready to become the first South Korean firm to list in New York in 10 years.

Italy hit screens on Monday to announce a dual-tranche syndicated deal comprising a new 10 year benchmark and 30 year inflation-linked bond.

Snam, the Italian gas pipeline company, and SKF, the Swedish ball bearing maker, kicked the week’s corporate bond new issuance off in Europe on Monday with deals that offered razor-thin spreads from the start.

Castellum, a Nordic real estate company, has failed in its bid for Norwegian rival Entra, leading to the cancellation of $3.5bn-equivalent of bridge financing.

New Horizon Health, a medical device manufacturer, has scooped up HK$2.04bn ($263.4m) from its IPO after strong institutional investor demand pushed pricing up to the top of the marketed range.