Morgan Stanley

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.

General Motors’ Shanghai-based joint venture is gearing up for its biggest securitization transaction in China. The Rmb10.4bn ($1.62bn) notes will be up for grabs not only for onshore investors, but also those tapping the market via Bond Connect.

Chinese used car e-commerce platform Uxin began investor education for a potential $500m Nasdaq IPO on Wednesday, said a banker on the deal.

Property developers Times China Holdings, Central China Real Estate and China South City Holdings raised funds from the dollar bond market on Monday, with all three finding sufficient buy-side interest.

Ethan Farbman, Morgan Stanley’s co-head of Asia Pacific fixed income capital markets, will be leaving in the summer, triggering a number of changes at the bank, according to sources.

China Energy Reserve & Chemicals Group Co (CERCG) said on Sunday evening that it has officially defaulted on its dollar bonds, marking the third offshore default from Greater China in recent weeks. Markets participants are not stressing about it though, but are instead optimistic about a strong week for primary and secondary markets.

Vodafone was welcomed with open arms in the US as it printed the biggest dollar bond in its history, executing a quick fire acquisition financing.

Adyen, the Dutch payments company, has unveiled plans for a €1bn IPO on Euronext Amsterdam amid "genuine hype" among investors eager to play a fast growing, highly cash generative tech unicorn, according to a banker involved in the IPO

The Export-Import Bank of Korea focused solely on floating rate notes for its $1.5bn dual-tranche bond outing on Wednesday, getting away with tight pricing thanks to robust buy-side demand.

A spate of new IPOs might finally give investors something to shout about after a lacklustre, if busy, second quarter of the year. They are hopeful of the chance to be able to buy into growth companies having become increasingly unimpressed by the number of private equity sell-downs sent their way, write Aidan Gregory and Sam Kerr.