Morgan Stanley

Trustpilot, the Danish independent review platform, has completed its series E equity funding round, raising $55m to finance investment in marketing and its technology platform.

Vodafone brought to market on Tuesday its second mandatorily convertible bond that comes with language indicating Vodafone will buy the shares back — a second attempt to achieve the corporate financing holy grail of 100% equity credit without diluting shareholders.

Singapore-based internet company Sea is planning to issue a new chunk of its US-listed equity, according to a filing with the regulator.

Rating: Baa1/A-/A-

The Spanish Treasury is studying the possibility of issuing green bonds — a shift from its previous position on the format — after the country’s government last week outlined a series of measures to decarbonise the economy by 2050. Spain is also adjusting its inflation-linked bond issuance strategy this year. If the sovereign does decide to issue green bonds, it is likely to find strong demand, with one of its own debt issues as well as a returning Spanish region this week being heavily oversubscribed.

The Export-Import Bank of China raised €1bn from a three year bullet on Wednesday, bringing home more cash than expected thanks to overwhelming orders from eager investors.

Spain's no-grow €5bn 15 year syndication on Tuesday was only marginally short of breaking the record order book for a public sector euro benchmark that the sovereign set only last month, despite some investors saying that the deal offered little or no concession.

Zhejiang New Century Hotel Management has covered the books for its Hong Kong IPO after hitting the road with a deal that will be worth as much as HK$1.4bn ($178.8m).

Sterling issuance may be slowing down after its record start to the year, but investor demand shows no signs of cooling — as KfW proved with a tap on Monday that was nearly double its original target size. Any “bank treasury friendly” borrowers should find healthy demand if they follow in the currency, said bankers.

The European Stability Mechanism on Monday took care of all its first quarter funding needs in one fell swoop, drawing a heavily oversubscribed book with high Asian demand that allowed 2bp of price tightening. On-looking SSA bankers said the deal was a good sign for — and likely gave confidence to — Spain, which is bringing its second syndicated benchmark of the year on Tuesday.

India’s largest telecommunications service provider Vodafone Idea has hired three banks to handle a rights issue that could raise up to Rp250bn ($3.5bn), according to a source close to the deal.

Property companies in Greater China raised more than $6bn from the bond market this week, sparking fears of indigestion.