Morgan Stanley

A London-based SSA syndicate banker at Morgan Stanley has left the bank a year after joining, GlobalCapital understands.

The US corporate bond market continued at a strong pace this week, ignoring the lure of the beach that sees its European counterparts' new issue flow slow to a standstill in August. More than $22bn of bonds were sold in the first three days of the week and around half of that was raised by United Technologies Corp.

China’s answer to Tesla is set to make a splash with its New York IPO. Nio is preparing a multibillion-dollar listing that will test investor appetite for the booming electric car industry. John Loh reports.

Deutsche Bank taps Ngan for ECM — Citi names first BRI head — Li emerges at Citic — Morgan Stanley promotes in SEA — Nomura hires for Korea DCM

Geely and BNP Paribas’s auto finance joint venture hit the Chinese securitization market with a bang on Tuesday, as domestic investors oversubscribed its single tranche sale by three times. The deal came a week before Mercedes is scheduled to launch a similarly structured transaction, which will be its first in China this year.

After a two year absence in the Panda bond market, Veolia Environnement made its return last week to raise Rmb1bn ($145.6m). Instead of placing another three year bond, the French corporate issuer cut the tenor to just one year — a move that paid off for the borrower, said bankers.

Morgan Stanley has made two senior appointments in its southeast Asia investment banking team, according to a memo seen by GlobalCapital Asia.

Nio, a Chinese electric car company, has started sounding out investors for its IPO on the New York Stock Exchange with an indicative size of $1.8bn.

Chinese peer-to-peer lender Weidai is seeking an IPO on the New York Stock Exchange, even as the troubled sector continues to reel from tightening regulations.

Each of the first three days of this week saw a jumbo bond deal in the US corporate bond market, but the volume of other deals dwindled as the week progressed, and Thursday struggled to achieve $1bn of issuance.

Hong Kong saw its second biotechnology listing this week, as BeiGene floated on the city’s stock exchange. But two days after listing it was under water and was followed by a double-digit dive by Ascletis Pharma, the sector’s debut issuer. The state of both stocks are a warning sign for future biotech issuers to rein in valuations, say ECM bankers. Jonathan Breen reports.

The International Finance Corp drew one of the highest BondMarker scores of the year so far with its return to five year dollars after two years away. The trade came in a week of few, but very well received, deals, with the European Stability Mechanism scoring its highest average score of 2018 so far.