Credit Suisse

This was the week high yield borrowers in sterling came out of the Brexit shadows to face a market ridden with political tensions — what they found was hungry, but sober, investors.

MSC Cruises, the largest European cruise company by number of employees, offered its first public bond to the Swiss market on Thursday. Though bonds from unlisted, private companies can be difficult to sell, a tempting yield and a thorough roadshow encouraged retail investors to hop on board.

Tidjane Thiam seems to have lost his hero status with investors. Credit Suisse’s share price leapt 7.7% on the day in March 2015 when he was named CEO, but most of the times Thiam has presented the bank’s results since taking the helm 16 months ago, the market has shuddered. On Thursday, its shares fell 6% by the afternoon, even though the bank beat expectations and pleased analysts.

October’s $500bn deal bonanza may have been the biggest monthly total for over a decade but global M&A actually peaked a year ago, writes David Rothnie.

Credit Suisse had a profitable third quarter in Asia Pacific, with modest growth in net revenues year-on-year, despite a large drop in pre-tax income when compared with the second quarter.

South Korea is in the midst of a serious political scandal that could threaten the president, but it seems to have had little impact on the IPOs of Clio Cosmetics Co and Doosan Bobcat.

Softer markets caught Central China Real Estate off guard this week, with the leads forced to increase pricing after launch to get its deal away. The deal highlights a shift in pricing for high yield property developers at a time when supply is set to increase, writes Addison Gong.

Italy’s bottle top maker Guala Closures on Tuesday began roadshowing for a new deal to refinance all of its high yield bond debt as the market’s pipeline accelerates before the US elections.

Central China Real Estate wrapped up an unconventional two-day bookbuilding for its new bond on Tuesday. Investors had turned their backs to the original aggressive pricing, forcing the leads to price the deal 75bp higher than the initial guidance.

GDS Holdings received a thumping response from investors for its $192.5m Nasdaq IPO, but priced it below the initial range to capture long-only demand and a higher-quality book.

Credit Suisse launched its onshore brokerage business in China on Wednesday, placing it among a handful of global banks that have securities trading operations in the Mainland.

French car parts provider Autodistribution on Tuesday opened a four day roadshow for fixed and floating rate notes in a deal set to refinance old bonds, including PIKs, and fund its acquisition of Doyen Auto.