Morgan Stanley

Topsports International Holdings has kicked off pre-marketing for its Hong Kong SAR listing, which is expected to raise around $1bn, according to sources close to the deal.

Two new corporate bond issues hit the market on Friday, wrapping up the busiest week of the year, in which nearly €22bn of new notes have been printed. Despite the frantic activity, investors have been willing to lend, though companies may have had to pay larger new issue premiums.

A new sustainable finance product, which has the potential for huge growth, was launched on Thursday when Enel, the Italian electricity and gas company, issued the first bond in which the interest rate can be altered during the term of the debt, based on the borrower’s sustainability performance.

The Netherlands Development Finance Company (FMO), made its Uzbekistani som debut this week to take advantage of funds flowing into EM currencies thanks to low rates in dollars. Elsewhere, euro investors are looking at the ultra-long end of the SSA market.

Power Finance Corp gathered a peak book of $4bn for its $750m dual-tranche bond issuance, allowing it to sell the notes at tighter-than-expected levels.

Apple and Walt Disney starred in the US corporate bond market this week, as the market roared back from the Labor Day holiday with a huge stack of deals that bankers said had broken the record for a single week in the US corporate and financial institution bond market.

The dollar SSA market saw a clear schism this week between the maturities investors favour, with shorter end trades tightening pricing while longer maturity deals were forced to print in line with initial price thoughts.

Equity capital markets are abuzz in Hong Kong as issuers rush to take advantage of the first window to list since business closed for the summer. Among them, consumer finance company Home Credit and China’s Bank of Guizhou are each targeting $1bn listings.

Chinese online insurance platform Huize Holding is planning an up to $150m IPO of American Depository Shares (ADS), filing a draft prospectus with the market regulator on Wednesday.

Five new corporate bond issues including a €3bn issue from AT&T hit the market on Wednesday, after Danaher had completed its €6.25bn deal on Tuesday, leaving room for more companies to borrow.

SSA issuers of dollar bonds were able to push harder on spread than they have in recent weeks on Wednesday, surprising syndicate bankers away from the deals.

A new flurry of investment grade corporate bond issuers jumped into the market on Wednesday morning, after Danaher priced its €6.25bn five-tranche Reverse Yankee note. Getting that deal out of the way gave other corporate borrowers room to bring bonds of their own — and plenty are expected to in the run-up toe the European Central Bank's monetary policy announcement on September 12.