Morgan Stanley

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.

The Province of Ontario will this Friday be the fourth SSA from Canada to visit a very strong dollar market this week, after CPPIB Capital printed on Monday, Alberta on Tuesday and the sovereign made a rare visit on Thursday. Dexia Crédit Local also printed in the currency on Thursday and SSA bankers are confident of more supply next week.

Technology M&A will continue to power corporate finance activity in 2019 but, as deals increasingly cross sectors, banks are having to re-tool their coverage and break up internal silos, writes David Rothnie.

Hong Kong-listed Lenovo Group has given Asia its first real taste of equity-linked issuance for the year. The firm raked in $675m from its debut convertible bond (CB) after a flood of investors turned out for the deal, and as bankers gear up for more issuance. Jonathan Breen reports.