Morgan Stanley

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.

Online property agent Shenzhen Fangdd Network Technology is looking to raise up to $500m from a listing in the US, according to a banker close to the deal.

China’s Maoyan Entertainment has changed the timetable of its HK$2.7bn ($344.2m) IPO and roped in three new cornerstone investors, including smartphone giant Xiaomi Corp.

Bharat Petroleum Corp (BPCL) took advantage of the new guidelines from India’s central bank to roll out a three year bond, opting for a maturity it was previously blocked from tapping.

China-based Maoyan Entertainment, best known for its online movie ticketing platform, kicked off bookbuilding on Friday for a HK$2.7bn ($344.2m) IPO.

The new-look Fox Corp made its dollar bond debut this week as the technical backdrop in the investment grade continued to improve with tightening spreads and thinner new issue concessions.

Turkey’s export-import bank (Turk Eximbank) raised $500m with a five year bond on Wednesday, becoming the first Turkish borrower, apart from the sovereign itself, to access the market since the lira crisis. The deal benefitted from a relief rally following a Turkish central bank meeting on Wednesday.