Morgan Stanley
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Cyprus won huge demand for its return to the 10 year part of euro curve on Tuesday, with the final book almost four times covered. The deal should set a good backdrop for Greece to come to the market in the same maturity — as long as it pays up a sizeable concession, according to SSA bankers. -
The strong demand that has permeated the dollar market over the last few weeks showed no signs of abating on Tuesday, as a pair of borrowers issued benchmarks that were comfortably oversubscribed.
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The Philippines’ Security Bank Corp offered a decent premium over its domestic peer to woo investors to its $300m bond offering on Monday.
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Knorr-Bremse, the historic German manufacturer of brake systems for trucks and trains, has started one of the largest German IPOs of the year, having filed an intention to float document on Monday morning.
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Cyprus picked banks on Monday for its first euro benchmark in the 10 year maturity since 2015, following S&P's return of the sovereign to investment grade status.
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Dexia Crédit Local and CPPIB Capital released initial price thoughts on Monday for their new five year dollar benchmarks amid what bankers called a "good backdrop" for the maturity. Both deals are due to be priced on Tuesday.
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New York seemed set to avoid Hurricane Florence but US investors whipped up a storm of their own as they poured cash into a succession of big ticket deals from blue-chip domestic and Yankee names.
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The African Development Bank and Bank Nederlandse Gemeenten kept the positive momentum going in the dollar SSA market this week with blowout five year benchmark trades on Thursday.
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The IPO global coordinators for Adyen, the Dutch payments processing company, were at the centre of a controversy this week after lifting the lockup agreement on the sale of new stock three months early to allow pre-IPO investors to move €1.65bn of stock. A 9% discount to the last close helped ensure a heavily oversubscribed deal, but the aftermarket was chaotic with the stock slipping as much as 19.2% at one stage on Thursday. Aidan Gregory reports.
