Morgan Stanley

Record numbers of speculative grade bonds have exceeded the limits of the European Central Bank's leveraged lending guidelines, research from SEB showed this week.

Tencent Music Entertainment Group (TME) gave investors a year-end treat this week with 2018’s last billion-dollar IPO from an Asian issuer. It was paid back with a near 8% jump in its stock price on the first day of trading. But to succeed the firm had to cut its fundraising target and get realistic on pricing. Jonathan Breen reports.

Spanish supermarket group Distribuidora Internacional de Alimentación revealed a new scheme to solve its financial troubles on Wednesday, away from the potential debt cut and cash injection recently suggested by its largest single shareholder LetterOne.

Tencent Music Entertainment Group (TME) has nabbed $1.1bn from its IPO on the New York Stock Exchange, guiding investors toward the bottom of the price range amid choppy markets.

Shimao Property Holdings managed to raise a sizeable $570m from its bond return on Monday, using up the last of its annual fundraising quota. But to get to the chunky size at this time of the year, the Chinese company had to offer investors a generous premium.

WuXi AppTec priced its IPO at the mid-point of the range to raise HK$7.92bn ($1.01bn), despite the deal being oversubscribed at the upper end of guidance, according to a source close to the listing.

Issuer rating: A2/A

Cinema operator Vue International cancelled its £833m-equivalent leveraged loan offering amid increasing investor aversion to sterling risk, as the UK government and Parliament descended into a full-blown clash over the conditions for separation from the European Union.

At least three high-grade borrowers in the US bond market stood down on Thursday as supply windows snapped shut and scotched hopes of a final flurry of supply before year end.

German business software company SAP used its rarity value when it printed a €1.5bn triple tranche deal in March. However, that strategy may no longer be possible, after it sold the largest ever corporate bond priced in December to help fund its recently announced €8bn cash acquisition of experience management software provider Qualtrics.

After its successful debut in the Chinese ABS market, Genius Auto Finance, the joint venture between Geely Automobile Holdings and BNP Paribas Personal Finance, scored an equally popular follow-up deal at an even tighter price.

WuXi AppTec is set to raise about HK$7.9bn ($1.1bn) from pricing its Hong Kong listing at the mid-point of the indicative price range, according to a source close to the deal.