Morgan Stanley

Chinese firm InnoCare Pharma is looking for permission to list in Hong Kong, having filed a draft IPO prospectus with the city’s stock exchange.

BMW Finance returned to the Panda bond market with a Rmb3bn ($424m) dual-tranche private placement note. It was the company's third outing this year, but this time the German automaker substituted the three year tranche with a two year note.

Argenta Spaarbank’s trade this week was a warning to smaller banks about the importance of good pricing and roadshows in selling bonds. But even for those issuers willing to heed those lessons, it may already be too late to issue debt, writes David Freitas.

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.