Morgan Stanley

Italy could retrieve half of the basis points it has lost to Spain in the run-up its general election next weekend — if the vote returns the most market-friendly result, according to a portfolio manager at a leading investment house. Spain, meanwhile, printed a 30 year benchmark with the second largest book ever for a euro sovereign deal in the tenor — another sign that the country is marching towards or already at semi-core status, said bankers.

Morgan Stanley debt capital markets head Leo Civitillo, who had been in the fixed income business for 20 years, has died.

Grand City Properties, the German residential property firm, printed eight and a half year Swiss franc bonds on Wednesday, and also sold a new nine year in euros on Monday alongside a tender for some outstanding bonds and convertibles.

MUFG Securities Asia has appointed Royal Bank of Scotland veteran Pierre Ferland as its new chief executive officer, effective on February 20.

The equity blocks market in EMEA reopened after Presidents Day on Tuesday night with trades in WPP, the UK advertising agency, and Banca Farmafactoring.

Turkey’s Akbank has the sole attention of EM investors on Tuesday as it looks to price its second Basel III compliant tier two transaction.

Energean, the oil and gas exploration company focused on the Eastern Mediterranean, plans to go public on the London Stock Exchange next month to finance the development of gas fields off the coast of Israel.

In July 2017, German property company Grand City Properties announced a tender of its 2021 bonds alongside a new nine year issue. On Monday it repeated the process, offering to buy what remained of the 2021 bond it didn’t buy in July and adding a tender for its 0.25% 2022 convertible bonds.

Prisa, the Spanish media group, has raised €563m to tackle its high debts after its rights issue finished more than seven times oversubscribed.

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.

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.