Morgan Stanley

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.

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.

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.

China’s Liaoning Fangda Group Industrial Co and BlueFocus Communication Group Co are meeting investors this week for their first international bond offerings. Huarong Real Estate Co, meanwhile, will hit the road for a euro deal.

Toyota Motor Finance (China) has sealed a Rmb3bn ($452.7m) transaction in the Chinese asset-backed securities market — its second deal in the country this year. While the trade was wrapped up successfully, the issuer’s efforts to woo Bond Connect investors appeared to have been in vain, said sources.

A broad range of Chinese issuers have mandated banks to arrange roadshows in Hong Kong and Singapore early next week ahead of their dollar bond transactions.

Jianpu Technology appears to have made the right call to price its $180m IPO on the New York Stock Exchange below the initial range, after its shares traded up on their debut on Thursday.

UK debt collector Cabot Credit Management has abandoned its IPO on the London Stock Exchange, blaming unsupportive market conditions.

Borrowers and investors marched on in the European leveraged finance markets this week, pricing €1.5bn of high yield bonds while bankers have been able to tighten terms on new loan deals during syndication. Deals pulled earlier in the week in the US are already a fading memory.

Morgan Stanley’s SSA desk, which lost its head of SSA syndicate Andrew Salvoni to HSBC in August, has added a syndicate banker from Deutsche Bank.

Elis, the French laundry group, has raised €600m from 12 banks, in part to pay off the bridge facility it used to acquire UK rival Berendsen in the summer.

Chinese property company Xinyuan Real Estate Co raised $200m from a 2020 transaction on Wednesday, managing to price the deal in a difficult environment.