Morgan Stanley

Investors piled into the euro public sector bond market on Wednesday, allowing borrowers to achieve well subscribed order books and minimal new issue concessions for a range of maturities.

A Dkr6.4bn (€856m) block of shares in Danish renewable energy firm Ørsted reopened the EMEA ECM market on Tuesday evening and attracted huge investor demand for the stock — including from ESG investors.

Luckin Coffee, China’s answer to Starbucks, has launched a combined follow-on offering and convertible bond issue to raise up to $821m.

A number of Chinese real estate companies kicked off their refinancing for 2020 on Monday, with higher rated issuers tapping longer-dated bonds and the weaker names actively engaging in liability management.

The Export-Import Bank of India clinched $1bn from a 10 year bond on Monday, riding on investor enthusiasm for deals from the country.

Air France KLM has mandated banks for a five year euro bond. The appearance of an unrated issuer so early in the year is being seen as a sign of the market’s strength.

TrailStone Group, the gas and power trader and investor based in London, has closed the year with a €150m revolving credit facility, which complies with the Green Loan Principles.

Guangzhou R&F Properties, a Hong Kong-listed Chinese real estate developer, raised HK$3.7bn ($475m) from a placement on Thursday evening in one of the last ECM deals of the year in the region.

Southpaw takes a sideways look at some of the big events that defined investment banking in 2019.

Ping An Group subsidiary OneConnect Financial Technology has raised $312m from a listing of American Depository Shares (ADS) after trimming and then increasing its IPO.

Investors gobbled up a high yield bond offering by US plastic packaging company Berry on Thursday, encouraging the company to increase the size twice, eventually reaching over €1bn. Berry is the only speculative grade company to issue a major bond this week in Europe, as most issuers stayed away from a market anxious about the UK general election.

OneConnect Financial Technology Co, a unit of Chinese conglomerate Ping An Group, reduced the size and price range of its New York Stock Exchange listing on Wednesday, a day before it was to be priced.