Morgan Stanley
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Credit Suisse and Morgan Stanley are leading the sale of a 9.3% stake in Scout24, the German online classified advertising firm, for about €345m. The deal is covered, according to a banker involved. -
China’s Alibaba Group Holding, which wowed the debt market three years ago with the largest G3 bond on record from Asia ex-Japan, is preparing for a comeback, mandating banks for its upcoming dollar outing.
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Volkswagen Finance (China) wrapped up its third asset-backed securities (ABS) deal on Friday, raising Rmb3.5bn ($531.8m). The company was forced to extend bookbuilding into a second day amid rising bond yield in the Chinese market.
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Once the unwavering bastion of eurozone strength, stable through an otherwise turbulent year, the German government managed to unsettle the euro market this week. The collapse of the German coalition talks at the weekend forced one SSA borrower to adjust its plans on the fly and was partly blamed for two borrowers’ failure to fill their order books. Lewis McLellan reports.
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Two of the three SSA euro syndications this week found the market tough going, relying on lead managers to fill orderbooks. Some SSA bankers lay the blame, in part, on the collapse in German government coalition talks at the weekend.
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Bpifrance on Wednesday became the second euro borrower to fail this week to reach full subscription, selling a €500m deal from a book of around €425m.
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Investment grade issuers China State Construction International Holdings and Shenzhen International Holdings raised $800m and $300m, respectively, on Tuesday. But their bonds struggled to perform in secondary due to lingering softness in the market.
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Unédic completed its funding programme for 2017 with a seven year benchmark on Tuesday, selling into a market eager for French paper. Bpifrance will look to capitalise on the same appetite after mandating for a Wednesday deal.
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Corestate Capital Holding, the German property manager with €22bn of assets under management, has issued its first convertible bond. The five year deal was increased by €50m due to the strength of the demand.
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Oleg Tinkov, the Russian billionaire, has sold a stake in TCS Group Holding, the London-listed Russian retail bank he founded, for the first time since its $1bn IPO in 2013, taking advantage of a strong rally in the stock this year.
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China State Construction International Holdings and Shenzhen International Holdings are taking bids for dollar bonds, while Yiwu State-owned Capital Operation Co has mandated banks for a Reg S deal. On the other hand, Lifestyle International Holdings has decided not to pursue its fundraising for the time being.
