Morgan Stanley
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Ascletis Pharma priced its Hong Kong IPO in the middle of expectations on Wednesday, raising HK$3.1bn ($400m) from the city’s inaugural biotechnology offering. -
China Fortune Land Co and Sunac China Holdings have closed new dollar bonds, following a pair of successful taps that proved the market is returning to form.
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The European Stability Mechanism on Tuesday won huge demand for its first five year euro benchmark since October 2015, showcasing returning investor appetite in the short end of the curve.
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Dongfeng Nissan Auto Finance enjoyed strong support from its traditional investor base — Chinese banks and onshore arms of Japanese banks — as it sold a Rmb4.5bn ($665.7m) securitization on July 19. The deal came as looser onshore liquidity gave banks more cash to buy ABS papers.
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The European Stability Mechanism has appointed leads for its first five year euro benchmark in nearly three years.
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Mainland telecommunications infrastructure giant China Tower hit the road on Monday to start drumming up interest in its HK$68.1bn ($8.7bn) IPO, according to a senior banker on the deal.
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SF Holding Co grabbed $500m from its inaugural bond on Thursday, enticing investors with its high rating and scarcity value.
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Management at Goldman Sachs and Morgan Stanley used second quarter earnings calls to reassure investors about their exposure to leveraged loans, under questioning from RBC Capital Markets’ Gerard Cassidy, as fears grow about leverage levels and weak covenants.
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IHS Markit exploited the lull in high-grade supply to grab investor attention with its investment grade debut.
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Concerns from some fund managers about the terms of Altice’s new €2.5bn-equivalent bond were swamped by orders from other investors eager to bag single-B paper with a big coupon from a core high yield issuer. After a series of successful investor push-backs on deal terms, the debt laden French telecom proved this week that borrowers still can walk away with loose covenants, writes Victor Jimenez.
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Wall Street heavyweights returned in force to the dollar market with a string of multi-billion dollar trades after posting strong second quarter earnings.
