Morgan Stanley
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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.
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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.
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The six biggest US investment banks alongside three European firms have created DirectBooks to assist primary market bond sales. It aims to start in the US investment grade corporate market before branching out to other fixed income products.
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A scorching week in the dollar market provided some $18.5bn of funding from issuers across the SSA spectrum. Maturities from three to 30 years were accessed, and each deal enjoyed strong demand and well-filled books.
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The buyout bonds for Merlin Entertainments and Kantar, backed by Blackstone and Bain, will set new standards for European issuers. If the investors strike down the "net short" clauses — as they did in an earlier Inmarsat deal — the sponsors may give up on the controversial strategy to battle hedge funds with large CDS positions.
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Cadent Gas, the UK gas distribution company, concluded a tender offer, buying back £400m ($498.25m) of its 2021 bonds, with investors offering to sell back more than the maximum target.
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Fangdd Network Group, an online platform for real estate agents, is planning an IPO on the Nasdaq, having filed draft documents with the US securities regulator this week.
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Q&K International Group has filed for a Nasdaq IPO of American Depository Shares (ADS) with an aim to raise up to $100m.
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The London Stock Exchange’s $13.5bn bridge loan for its acquisition of data company Refinitiv is set to go ahead, after a surprise hostile bid for the exchange from Hong Kong Exchanges and Clearing was withdrawn.
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The bond leg of the loan-dominated buyout packages for Kantar and Merlin hit the market on Monday, giving investors a chance to buy subordinated debt in size. But both Bain Capital, and Blackstone, the sponsors, have included controversial provisions to limit the rights of noteholders who are ‘net short’.
