Morgan Stanley
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Hong Kong's AIA Group has reopened Asia’s bond market for other quality credits by selling a $1bn deal that offered a generous new issue premium to attract investors. -
The dollar market had looked sluggish, particularly in comparison to the volumes churned out in euros, but Tuesday's $4.5bn two year from Asian Development Bank indicates the market is back in working order.
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Portugal will be hoping to mirror the success of Belgium after the latter smashed records in the public sector bond market on Tuesday with the biggest ever order book for an SSA borrower in euros. Both Portugal and Belgium have announced an anticipated increase to their 2020 funding programmes as result of the Covid-19 crisis.
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The dollar bond market is gradually opening up, with two high quality public sector borrowers hitting screens on Monday for short dated deals. But with volatility still gripping the cross-currency basis swap market, European borrowers are still sticking to their home currency.
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Belgium has picked banks for a seven year benchmark, publishing the mandate just after joining the throng of sovereigns upping their funding requirements. Norway has also raised the size of its borrowing programme.
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A string of well rated companies are preparing to issue bonds in the coming days, as syndicate desks are heartened by the continued ample demand from investors. Anheuser-Busch InBev, Volkswagen Financial Services and Thermo Fisher Scientific raised a total of €7.85bn in euros today, despite a rocky market.
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Goldman Sachs has hired a senior banker from Morgan Stanley to be its new head of equity syndicate, GlobalCapital understands.
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Goldman Sachs and Morgan Stanley have received the green lights from the China Securities Regulatory Commission (CSRC) to increase ownership in their Mainland joint ventures to 51%.
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US companies have smashed the all time record for bond issuance this month, as they plundered the dollar market in a headlong dash for liquidity that continued on Thursday, even though a darker record was broken: 3.3m new unemployment claims, more than four times the previous highest.
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Chinese pharmaceutical company WuXi AppTec Co is planning to raise primary equity through an issue of H-shares and its Shanghai-listed A-shares.
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Chinese biotechnology company InnoCare Pharma’s shares surged over 10% on their Monday debut, following an online opening ceremony for the HK$2.2bn ($288.7m) listing in Hong Kong.
