Morgan Stanley

There are two phrases that don’t often go together in the capital markets: ‘13% yield’ and ‘two year bond’. But that eye-watering funding cost was just what China’s Hydoo International Holding paid on its latest exchange offer, marking the highest yield for a dollar bond since 2015. Bankers think there will be plenty more where that came from, writes Addison Gong.

CEVA Logistics, the freight management and contract logistics company, priced its IPO on the SIX Swiss Exchange at the bottom of the range on Thursday.

Morgan Stanley’s private equity arm raised W230.4bn ($214.3m) from an overnight sell down in South Korea’s Hyundai Rotem on Wednesday.

Xiaomi Corp set its $10bn IPO in motion this week with an initial filing to the Hong Kong Stock Exchange. The move is a big win for the city, as the Chinese smartphone maker will be the first high-profile issuer to make use of Hong Kong’s new listing rules that allow founders to control a company with weighted voting rights (WVR). John Loh reports.

Demand for European IPOs is high but investors are refraining from putting money to work unless offered a sizeable discount.

India's IndoStar Capital Finance has announced an indicative price range for its potential Rp18.4bn ($276m) IPO, according to a banker on the deal.

CEVA Logistics, the freight management and contract logistics company listing in Switzerland, has narrowed the price range on its IPO. The books are covered in excess of the deal size in the bottom half of the range.

GTT Communications, the US cloud networking provider, has mandated banks to arrange a dollar and euro loan of $2.87bn-equivalent for itself and a Dutch subsidiary. The deal will only go through if it completes its acquisition of Luxembourg’s Interoute.

Despite expectations of a slowdown in the pace of issuance in the European high yield market, two borrowers brought €2.9bn of new bonds this week. Both issuers, Spanish construction firm Aldesa and Italian banking payments group Nexi, marketed refinancing deals.

T-Mobile US has lined up $38bn of fully committed loans to finance its $26bn purchase of US telecommunications company Sprint.

Real estate developer Vinhomes has launched bookbuilding for its D31.8tr ($1.4bn) listing, set to be Vietnam’s largest equity offering to date.

Indian real estate company Lodha Developers is preparing to raise up to $562m from the primary portion of its planned IPO, according to a draft red herring prospectus filed on Thursday.