Morgan Stanley
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A generous initial guidance from KWG Group Holdings for its $400m bond issuance ended up repricing the Chinese single-B rated curve lower on Wednesday. -
Bank of China returned to the bond market with a multi-tranche, multi-currency bond this week, making clear that its funding needs and its role as a flag-bearer of Chinese policy overseas are inextricably linked. Morgan Davis reports.
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China’s Babytree Group has thrown open books for a potential HK$2.2bn ($280.9m) IPO, paring down the size from its original $800m target, according to a banker close to the deal.
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Two Hong Kong IPO hopefuls have taken different approaches to their transactions. Tencent-backed Tongcheng-Elong Holdings launched its smaller listing of up to HK$1.8bn ($232.4m) on Tuesday, while Babytree has put its planned float on hold.
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China's CStone Pharmaceuticals is planning to float in Hong Kong, submitting a draft prospectus through sponsors Goldman Sachs and Morgan Stanley.
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Online fashion platform Mogu is planning to float on the New York Stock Exchange for up to $200m, according to a filing with the US regulator.
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Online travel service provider Tongcheng-Elong Holdings is set to launch a truncated Hong Kong IPO on Tuesday after key comparable Ctrip’s stock price collapsed amid volatility last week, according to a source close to the deal.
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The China Securities Regulatory Commission has given Tianqi Lithium the go ahead to list on the Hong Kong Stock Exchange.
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TFI Tab Food Investments, the owner of the Burger King chain in Turkey and China, has formally withdrawn its $220m IPO in the US after delaying it in February.
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Supranationals found heavy demand from investors for privately placed taps of outstanding dollar and euro notes over the past week, with Asian Development Bank printing particularly heavy volumes.
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The European Financial Stability Facility finished off its 2018 issuance this week with what was likely the last jumbo euro benchmark of the year. The deal was solid, but SSA bankers warned the euro market feels “tired”.
