Morgan Stanley

Chinese new economy company Maoyan Entertainment priced its Hong Kong IPO this week, after a short delay that allowed it to add a high-profile cornerstone investor. Don’t let the deal’s bottom-of-the-range pricing fool you: the company and its banks made the right move.

Austria, Belgium and Greece went out with mandates for syndications at various parts of the euro curve on Monday, just a day before a crunch vote in the UK Parliament on amendments to prime minster Theresa May’s Brexit plan. But bankers said concerns around Brexit are limited and are no roadblock to sovereign issuance.

Chinese firm Maoyan Entertainment has sealed its IPO at the bottom of guidance, raising HK$1.96bn ($249.8m) in Hong Kong after an extended roadshow.

Indian company Chalet Hotels will start bookbuilding next Tuesday for its up to Rp16.4bn ($231.1m) flotation.

NWS Holdings and Sino-Ocean Group Holding received more than $4bn in orders for their respective bond outings, with their deals in hot demand both in primary and secondary markets.

Hansoh Pharmaceutical Group is preparing to kick off the roadshow for its Hong Kong IPO in February after Chinese New Year, according to a source close to the transaction.

Southern Water launched a tender offer on Wednesday as the last step in a full-scale revamp of its capital structure — a journey which helped RBS handle nearly £1.3bn in uncollateralised swap exposure — in the largest ever repackaging of inflation risk. Ross Lancaster and Owen Sanderson report.

Germany’s largest residential property company Vonovia attracted €4.5bn of demand for its latest deal on Thursday, as the property sector continues to be one of the more popular in the corporate bond market.

China Evergrande Group hit its size goal of $3bn with a tap of three of its existing bonds, a strategic decision by the property developer. But the issuance dented its secondary curve as noteholders fled to the juicier new transaction.

New issuance returned to the corporate bond market on Tuesday as Auchan and Vonovia attracted €8bn of demand for their new deals after two days without any trades. The new issuance spreads they paid differed markedly however.

Two US PP institutional investors headquartered in the US are considering lending to UK borrowers for the first time this year.

Corporate mergers and acquisitions are the keys to loan market growth but the pipeline for the year ahead in emerging markets is far from promising, said loans bankers and analysts this week.