Morgan Stanley
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Investors stormed into the euro public sector bond market this week fired up from the announcement of a new comprehensive stimulus package by the European Central Bank last week. -
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Small cracks started to appear in the euro corporate bond market on Thursday, after a busy month, as companies launched a spate of deals. An already bulging pipeline means there will be little time for the market to catch its breath.
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Dollar SSA issuers faced huge volatility this week as the US Federal Reserve cut interest rates and unexpectedly pumped billions into the repo market, with two more issuers lining up to test investors’ mettle.
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Budweiser Brewing Company Apac has revived its Hong Kong IPO two months after a headline-grabbing flop. But a smaller target size, a stamp of approval from a high-profile cornerstone investor and the off-loading of an unattractive chunk of its business all mean that the firm has a better chance of success this time around. Jonathan Breen reports.
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The European Investment Bank and Nordic Investment Bank kept the strong momentum going in the SSA euro bond market on Wednesday, capitalising on the European Central Bank’s announcement of fresh stimulus last week and a lack of issuance over the summer. However, Joint Laender's deal was only just oversubscribed, which the leads attributed to investors’ hesitance to buy a negative yielding 10 year bond from a less liquid name.
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The African Export-Import Bank sold its $750m 10 year bond on Tuesday from a book of around $3.35bn, with recent low supply from African issuers having helped drive demand for the deal.
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Upstream oil and gas company ENN Ecological Holdings Co priced a $250m tap of a bond it sold earlier this year. The deal came after news of a share transfer that could give it effective control over sister company ENN Energy Holdings.
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A smaller deal size, a high-profile cornerstone investor and plenty of early engagement with investors have put Budweiser Brewing Company Apac’s second attempt at a Hong Kong IPO on solid ground.
