Morgan Stanley

Volatile market conditions have made some issuers think twice about approaching the primary market, after Banque Fédérative du Crédit Mutuel and Santander Consumer Finance found it difficult to build any momentum for their deals this week.

US pharmaceuticals company Mylan made its third visit to the euro corporate bond market in three years on Wednesday when it sold a €500m seven year deal with a €1.3bn order book.

Arion Banki, the domestic arm of failed Icelandic bank Kaupthing, plans to become the first bank in Iceland to return to the stockmarket nearly a decade on from the financial crisis, having announced its intention to float on Nasdaq Iceland and Nasdaq Stockholm.

German media company Bertelsmann pulled a €500m seven year corporate bond issue on Thursday, just hours after launching the deal alongside two other seven year deals.

Two IPO applications in Hong Kong this week — one from a bitcoin hardware maker and the other a Chinese state-owned enterprise — highlighted the tussle for investor attention between old and new economy companies.

Dollar bond investors got their first taste of a Cambodian credit this week when casino operator NagaCorp grabbed $300m from its debut outing. But a huge tightening in the secondary market reflected the struggle in finding a fair price for the issuer. Morgan Davis reports.

US pharmaceuticals company Mylan made its third visit to the euro corporate bond market in three years on Wednesday when it sold a €500m seven year deal with a €1.3bn order book.

Investors took their time in considering new senior offerings from Morgan Stanley and Santander Consumer Finance on Wednesday, following a weak opening for financial markets.

Canaan is eyeing a $1.5bn IPO in Hong Kong that will test investor appetite for the first listing of a cryptocurrency firm in the city.

Climbing US Treasury yields and tightening swap spreads are pushing out levels in dollars, but Swedish Export Credit Corporation (SEK) managed a successful three year trade — a good omen for an upcoming deal from Kommuninvest on Wednesday.

Cambodian casino operator NagaCorp clinched a $300m debut bond on Monday. But the gaming company’s notes looked cheap compared to other industry names in Macau, causing the yield to drop significantly in secondary trading on Tuesday.

Swedish Export Credit Corporation will bring a three week dearth of SSA dollar benchmark issuance to an end on Tuesday after mandating for a three year issue. A shift in Libor rates, swap spreads and secondary levels since the last glut of dollar supply should all make for a keenly watched trade, said bankers.