Morgan Stanley

Bank of America became the first big US bank to emerge from third quarter earnings blackout and tap the dollar bond market this week.

Morgan Stanley posted fee growth in underwriting and advisory in its third quarter results on Thursday, leaving Goldman Sachs the outlier among the five big US banks in seeing revenues fall in investment banking.

Allergan shareholders have waved through its acquisition by rival drug company AbbVie, clearing a major hurdle on the way to billions of dollars of loans and an expected $30bn of bond issuance.

La Mondiale gave investors a rare chance to put money in restricted tier one (RT1) ranks this week. The bond was oversubscribed by more than 10 times but the insurance company paid a hefty premium to do the deal, according to one source away from it. However, one of the leads disagreed and said the bond was priced “probably inside fair value”.

The postponement of Argenta Spaarbank’s non-preferred senior bond on Tuesday was a reminder that investors are not taking a shine to everything sent their way in the market. The large volume of trades this year has prompted investors to become “selective” about what they buy, analysts at Rabobank said.

Chinese online education platform Youdao has launched bookbuilding for its New York Stock Exchange listing, eyeing up to $100.8m from the deal.

Genius Auto Finance will come back to the Chinese auto loan ABS market for a Rmb4bn ($564m) trade next week. That is the same size as its last deal, but the originator will scrap the mezzanine tranche this time around.

The UK’s Informa brought a €500m no-grow bond on Tuesday, a deal for the publishing and events company that won praise from onlooking bankers.

Argenta Spaarbank and Sumitomo Mitsui Financial Group were both marketing senior bonds on Tuesday, making use of the favourable backdrop in the primary market. While Sumitomo was quick to build demand for its bond, Argenta struggled to gather enough demand volume to move the spread from price thoughts.

UBI Banca launched a €500m non-preferred senior bond this week, supported by orders of €1.4bn at peak, but it had to pay a new issue premium, according to a FIG banker.

Hong Kong’s stock exchange has awarded China Feihe, a baby milk formula producer, its final stamp of approval to list.

China Grand Automotive Services Group Co has launched an offer to exchange two dollar bonds in part, leading to a sell-off in its existing curve in the days following the announcement.