Morgan Stanley
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A jump in US Treasury yields following a higher than expected US inflation print could boost long end dollar supply from SSAs said bankers, although investors might be keen for concerns over inflation to die down first. Meanwhile, issuers have been focusing on short dated arbitrage style trades with benchmark issuance limited this week — and likely next week — due to the Chinese New Year holidays. -
Three new issues from the CEEMEA market this week marked the end of the heyday of easy money for emerging market bonds, as EM bond fund outflows were on track to hit their highest level since those prompted by the election of US president Donald Trump in 2016. Francesca Young reports.
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Beni Stabili printed a “gutsy” investment grade corporate trade at the start of the week. The BBB- rated Italian firm managed to attract investors despite plenty of background noise, though bankers said it may send other prospective issuers mixed messages.
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The Arab Republic of Egypt is providing the first big test of the resilience of emerging market debt since last week's volatility with a triple tranche dollar bond. Bankers eyeing the trade say the book size, and amount of price revision, will be a real indicator of investor appetite for riskier EM debt now the shine has come off the market.
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Morgan Stanley has appointed Simon Herrmann as head of Asia Pacific financial institutions group and Mohamed Atmani to head the region’s financial sponsors group, according to internal memos seen by GlobalCapital Asia.
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US chip maker Broadcom has received commitments from 12 lenders for a staggering $100bn funding package to finance its acquisition of technology company Qualcomm.
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Petrol station forecourt company EG Group’s credit worthiness has come under pressure after the UK firm announced $2.15bn of debt-financed acquisition plans last week.
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The Frankfurt IPO of German real estate developer Instone finished on a strong note on Wednesday, despite the company having to bookbuild during an extraordinarily volatile week for equity markets.
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Indian micro-finance lender Spandana Sphoorty Financial is in the process of mandating banks for a potential $150m IPO, according to a banker at a firm pitching for the deal.
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Eva Zhong, who ran Credit Suisse’s equity-linked business in Asia, is rejoining Morgan Stanley to take up a senior equity capital markets role, sources close to the move said.
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A-Living Services raised HK$4.1bn ($524.4m) from its IPO this week. It priced the deal below the midpoint of guidance, but it was well-received across all tranches.
