Morgan Stanley
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Ireland is looking at the possibility of issuing its first ever benchmark inflation linked bond in 2019, amid an expected surge in the euro public sector linker market this year. Meanwhile, Portugal is waiting for the final approval of its inaugural Panda bond, which will be sold as part of an Rmb6bn three year programme. -
Appetite for eurozone sovereigns is showing no signs of slowing down after Ireland and Portugal joined Belgium this week in scoring their largest ever syndication order books. Several other borrowers sold euro trades on Wednesday, with more supply expected this week as the pipeline has “accelerated” ahead of next week’s parliamentary vote on the UK’s Brexit deal.
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Belgium and KfW received well oversubscribed order books for 10 year euro benchmarks on Tuesday, with several public sector borrowers set to follow in the euro market this week.
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Cellnex Telecom, the Spanish wireless telecommunications company, has reopened the equity-linked market in Europe with a €200m tap of the €600m convertible bond it issued exactly one year ago.
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Berkshire Hathaway was one of five issuers to brave choppy conditions on Thursday and open the dollar market with the first trades of 2019.
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The European Bank for Reconstruction and Development on Thursday nipped in front of an expected glut of euro supply next week and was rewarded as it increased a green bond from its original size target and tightened pricing.
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Africa Finance Corp has raised a $300m loan facility from a consortium of international lenders.
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The US’s Bristol-Myers Squibb (BMS) has picked two banks to provide the debt portion of its $74bn acquisition of biotech firm Celgene, in one of the biggest pharmaceuticals mergers in recent years.
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Several Chinese borrowers ventured into the bond market at the end of December, locking up last-minute deals that were mainly supported by anchor orders.
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The Hang Seng Index’s appalling start to the new year has made ECM bankers and investors ultra-cautious about the market, and most participants are taking a wait-and-see approach. Christie Ou reports.
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Two senior Morgan Stanley bankers are set to retire from the US investment bank this year.
