Bank of America

Everbright Securities has signed up eight cornerstone investors for the bulk of its HK$9.02bn ($1.16bn) IPO in Hong Kong, with high profile names such as China Life and Prudential in the fray, said sources.

Bank of America Merrill Lynch has appointed Izumi Devalier as head of Japan economics, poaching her from HSBC in Hong Kong.

Microsoft kicked off a front-loaded week of corporate issuance in the dollar market weighted as borrowers emerged from earnings blackout and rushed to print ahead of non-farm payrolls on Friday.

Pricing rather than size was the focus for public sector borrowers in the dollar market this week, although overly aggressive pricing was not the reason for one issuer having to pull back from bringing a tap issue.

The key to the clean-up and recapitalization of Italy’s Banca Monte dei Paschi di Siena is a €5bn rights issue but even though a strong cast of top tier ECM banks have signed on to run it, the deal still hinges on finding real demand. Aidan Gregory and Owen Sanderson report.

Energias de Portugal made an opportunistic grab for euros on Thursday, proving that even as August begins, healthy order books and negative new issue premiums are still available for corporate bond issuers.

Auto-parts business Adient on Thursday started pricing a $2bn cross-border bond, attracting high demand for a deal that could be the last high yield offering before the European market breaks for the summer.

Republic of Ghana postponed its dollar bond issuance on Thursday after pricing moved against the issuer. It will proceed with a $100m buy-back of its 2017s but there is confusion about the outcome of a parliamentary vote on Tuesday.

Public sector dollar flow picked up on Wednesday after a quiet start to the week, as World Bank brought a four year benchmark and Tunisia sold a bond backed by the US government.

Georgian holding company BGEO Group bought back some $300m of its outstanding bonds on Wednesday. The buy-back came as part of a combined tender and new issue, which was anchored by the International Finance Corporation.

From September 30, Bank of America Merrill Lynch's benchmark index for global corporate high yield bonds will only list issues of €250m or higher — reflecting the market's taste for larger transactions.

Republic of Ghana is still expected to open books on a five year amortising note this week, though no exact timing has been given, a lead banker said on Wednesday.