Morgan Stanley

Corporate bond issuers enjoyed tighter spreads and strong order books amid an improvement in issuance conditions as they jumped back into the dollar market this week.

Puxin and VCredit Holdings, both of which launched IPOs earlier this week, were covered on their first day of bookbuilding.

Xiaomi Corp had its listing hearing with the Hong Kong Stock Exchange on Thursday, paving the way for investor education to begin on Monday if the IPO is approved.

UBS appoints Asia DCM syndicate heads – BNP’s SEA loan syndicate head to relocate – Morgan Stanley’s ECM co-head dies at 41 – Goldman DCM banker moves to Macquarie – CMS’s Chien moves to buy-side – Citi builds Oz team – Wong leaves HSBC

General Motors’ joint venture sealed a Rmb10.4bn ($1.62bn) deal in the Chinese securitization market on June 6, marking its biggest outing so far. Bankers on the deal said the auto company wanted to bag the cash before onshore rates come under pressure in the second half of the year.

Two Chinese online platform businesses will start pre-deal investor education for their Hong Kong IPOs on Thursday, according to bankers.

The IPO of Adyen, the Dutch payments company, which is one of the most anticipated listings in Europe this year, has got off to a good start, with the book covered throughout the range just over an hour after being opened.

Jerome Leleu, co-head of equity capital markets for Asia Pacific at Morgan Stanley, has passed away at age 41.

The UK government has resumed the reprivatisation of RBS, the British bank that was nationalised during the financial crisis, having launched a £2.6bn block trade.

Morgan Stanley’s private equity arm is selling shares in South Korea’s Hyundai Rotem for the third time this year, aiming to raise W220bn ($200m) with the latest deal.

The political upheaval in Italy is already making US investors go cold on European risk, which could magnify the market disruption Europe is likely to face in the coming months. The effects are even changing expectations on US monetary policy.

A topsy-turvy market backdrop is pushing a slew of Chinese borrowers, mainly property companies, to raise funds by tapping their existing dollar bonds. Buy side interest remains, but only for the right names, writes Addison Gong.