Morgan Stanley

Alibaba Group Holdings got the greenlight from Hong Kong's stock exchange for a listing that could be worth as much as $15bn. The deal looks set to receive strong anchor demand from Chinese investors.

New York Stock Exchange-listed gaming company Sea is bookbuilding for a convertible bond worth at least $1bn.

Beijing Hyundai Auto Finance and SAIC-GMAC Automotive Finance priced their Chinese auto loan ABS transactions on Tuesday.

The European Financial Stability Facility rounded off its 2019 funding programme on Tuesday, but some on-looking bankers remarked that the deal, though fully subscribed, did not reach the issuer's customary high levels of demand. Meanwhile, Erste Abwicklungsanstalt returned to the euro market for the first time since February 2018.

BMW Auto Finance (China) has wrapped up its last foray of the year into the Chinese auto loan ABS market with a tightly priced deal. A diverse group of investors took up the senior tranche of the Rmb8bn ($1.14bn) trade, said bankers.

Italian crossover credit Immobiliare Grande Distribuzione, a real estate company, has hired banks for a sub-benchmark bond issue and tender offer, as roadshow calendars remain packed with deals.

Two SSA borrowers are coming to the market for euro deals on Tuesday. The European Financial Stability Facility and Erste Abwicklungsanstalt will both print what are likely to be their final benchmarks of the year.

Royal Dutch Shell’s choice this week of a tight syndicate, heavy with US banks, to lead $4bn and €3bn of bonds has laid bare the sense of vulnerability among banks outside the US bulge bracket, as some expressed resentment at being left out of a lucrative and prestigious mandate.

High grade dollar bond investors are braced for the biggest deal of the year after AbbVie, the pharmaceutical company, appointed a trio of banks to lead a possible $25bn issue that could come as soon as Monday.

Two SSA borrowers tapped the seven year part of the euro curve this week, but came away with different results. Luxembourg received an oversubscribed book for its deal on Wednesday, while Nederlandse Waterschapsbank (NWB Bank) had to price without fully placing its €1bn trade.

A move in the Bund curve left the market too volatile for Nederlandse Waterschapsbank (NWB) to fully place its seven year euro benchmark on Thursday.

The State Export-Import Bank of Ukraine is on screens for its first ever tier two bond, angling for a steep price.