Morgan Stanley

Thai Beverage is planning to spin off and list its brewery business in a deal that could raise up to $2.5bn, according to a source familiar with the matter.

Oil and Natural Gas Corp (ONGC), the largest crude oil and natural gas company in India, tussled with bond investors during marketing for its latest dollar deal this week. Investors pushed back against ONGC’s demanding terms and forced a last-minute flip-flop over a change of control clause. Morgan Davis reports.

Alphamab Oncology, a Chinese biopharmaceutical firm, has launched a roadshow for an up to HK$1.83bn ($233.8m) listing, according to a source close to the deal.

Tesco, the UK supermarket chain, and US medical equipment firm Stryker sailed through the European bond market on Monday. Both issuers benefitted strongly from having picked the right moment to launch.

Ant Financial, an affiliate of Chinese e-commerce giant Alibaba Group Holding, has launched a $3.5bn three year loan into syndication, after closing an amendment and extension of an old borrowing.

High grade corporate borrowers have crammed into what syndicate bankers have labelled the last clear issuance window of the year, with Stryker Corp, Tesco and Arkema out with euro trades.

Deutsche Bank exploited strong investor demand for high-grade paper when it came to the market on Thursday with its inaugural senior dollar trade in a callable format.

HSBC and MUFG have executed the first ever AUS/USD cross currency basis swap using SwapAgent, LCH’s non-cleared derivatives service.

Alibaba Group Holding pulled off the year’s largest IPO this week, raising HK$88bn ($11.2bn) from its Hong Kong secondary listing. The company has given the stock exchange a much needed boost in morale, while signalling to other foreign-listed Chinese companies that they can come home. Jonathan Breen reports.

Lagos-headquartered multilateral finance institution Africa Finance Corporation (AFC) signed a $140m-equivalent syndicated Kimchi term loan facility with Shinhan Bank — its first Korean-focused tool, as the bank diversifies its funding sources.

Czech consumer finance company Home Credit has shelved its potential Hong Kong IPO citing poor market conditions. The deal had been slated to raise up to $1bn.

China Overseas Land & Investment (Coli) found a conducive market window for its last bond issuance of the year, raising $294m from a 10 year deal on Wednesday.