Morgan Stanley

Three MBA students from Singapore Management University have won Morgan Stanley’s annual Sustainable Investing Challenge with a scheme that addresses one of the areas of sustainable financing that is least advanced: adaptation to climate change.

State Grid Corporation of China priced a $2.8bn-equivalent four-tranche deal on Tuesday, managing to navigate the impact of the benchmark 10 year US Treasury yields finally breaching 3% after days of sell-off.

The European Financial Stability Facility wrapped up its second quarter funding on Tuesday with a larger than planned tap of its May 2047 bonds.

A sale of shares in SSAB, the Nordic steel producer, by Industrivärden attracted heavy demand from investors bullish towards the sector after Chinese production cuts caused a rally in the price of steel.

Metallurgical Corporation of China and BOC Aviation found strong investor support for their bonds on Monday, with the former bagging Asia’s first senior perpetual bond in more than a month and the latter walking away with an over six times covered transaction.

After strong first quarter results and in a receptive high yield market, online streaming service Netflix announced a new $1.5bn 10.5 year senior unsecured bond on Monday to finance new content for the platform, eventually walking away with $1.9bn.

Bookrunners revealed more than €3bn of new speculative grade deals from seven issuers in the European high yield market this week. Coupons are slowly widening in the primary market, but they are still hitting issuers’ pricing targets, said market participants.

The European Financial Stability Facility has opted to add liquidity to the long end of its curve during its funding window this week, hiring banks on Monday to reopen one of its longest dated issues.

The Stars Group has won about $6.9bn of fully committed debt financing from four banks, as the Canadian gaming and online gambling company moves ahead with its debt and equity purchase of Sky Betting and Gaming.

BOC Aviation, Metallurgical Corporation of China (MCC) and Bumi Serpong Damai were the first out of the gates on Monday morning with their new bond deals, as the Asian debt market prepares for an onslaught of supply.

Yuexiu Real Estate Investment Trust, the only Chinese Reit to have issued bonds offshore, returned last Friday for a $400m three year deal, pricing it slightly inside its parent company’s curve.

CEVA Logistics, the Swiss freight management and contract logistics company, has set the range on its IPO, valuing it at Sfr1.5bn to Sfr1.8bn. It has also secured a cornerstone investment from shipping company CMA-CGM.