Morgan Stanley

Streaming platform Bilibili pulled off a combined convertible bond and American Depository Share (ADS) placement this week, raking in $737.4m after the fundraising was increased following strong Asian demand. The deal comes just a week after its larger peer iQiyi sold a record ADS convertible. Jonathan Breen reports.

Hong Kong’s AIA Group looked to the US market for its latest $1bn bond sale on Tuesday.

BOC Aviation sold its second dollar bond of the year on Tuesday, snapping up $750m from the sale of a 5.5 year trade, after raising $500m from a five year bullet in January.

ABB, the Swiss-Swedish machinery maker, issued an unusual bond on Tuesday: an 18 month floating rate note that grew as large as €1bn.

Medacta, the Swiss maker of orthopaedic devices, has covered its Sfr550m IPO within the revised price range on the penultimate day of the bookbuild, according to a banker involved in the deal.

Nasdaq-listed Chinese streaming platform Bilibili has opened books for a concurrent convertible bond and placement of American Depository Shares, eyeing combined proceeds of up to $614m.

Eager demand for hybrid capital issues, amid an environment of low rates, was on show again on Monday, when LafargeHolcim issued its first big deal of this kind. The pricing was tightened by an exceptional amount during the bookbuild — 69bp.

AstraZeneca, the British-Swedish pharmaceuticals giant, has priced a historic £2.7bn accelerated transaction ($3.5bn) to fund a transformational oncology collaboration. But sources close to the deal say that execution was complicated by Brexit drama last Friday.

Saudi Aramco has published a bond programme prospectus and received its first credit ratings as it goes on the road to promote its first international capital markets transaction, which is expected to come to market this week.

Pharmaceutical giant AstraZeneca has entered into a collaboration agreement with Japanese pharmaceutical company Daiichi Sankyo to develop a new antibody-drug conjugate which it is hoped will revolutionise cancer treatment. The deal is being funded through an equity capital raise.

Colm Kelleher, president of Morgan Stanley, is retiring after three decades at the US bank. A clutch of senior staff will now report to CEO and chair James Gorman directly.

Country Garden Holdings Co raised $1.5bn in a dual tranche trade on Thursday. The longer dated tranche, a seven year tenor, is the longest dated bond from a high yield property borrower this year.