Morgan Stanley

A hundred investors managing $1.8tr of assets have signed a letter calling on banks to say more about how they are managing the risk of climate change, and to publish a strategy saying how they support the goals of the Paris Agreement.

Investors scrambled for yield in the dollar bond market this week as Concho Resources printed its debut investment grade offering amid nearly $19bn of other corporate offerings.

Another stellar week for equity block trades in EMEA finished on Thursday night with the launch of a €1.5bn sale of shares in ABN Amro by the Dutch government, making this the biggest week of the year for blocks in EMEA.

UK-based global mining company Anglo American launched a €1.2bn tender offer and a €600m new issue on Wednesday after recently being returned to investment grade status following 18 months with a junk bond rating.

The IPO of Steinhoff Africa Retail, known as Star, the African discount store assets of Steinhoff International, has been priced at R20.50 a share, the midpoint of the initial R18 to R23 range.

Korea Development Bank assured investors that all is well in the South Korean market by selling a closely watched triple tranche deal the day after the United Nations announced sanctions against its northern neighbour. The policy bank managed to grab $1bn, but the transaction wasn’t without its challenges. Morgan Davis reports.

UK telecoms group Virgin Media was in the market for a £200m add-on of its 2024 receivable financing notes on Monday. By Wednesday, it had sold £450m of the deal, proving that demand is not restricted to the high yield debt market for euros, where three more deals were under way.

RYB Education’s IPO on the New York Stock Exchange is off to a strong start, with the $140m deal covered on the first day of bookbuilding.

South Korea’s Shinhan Bank braved the dollar market on Wednesday for the second time this year, hoping to secure a new Basel III tier two dollar bond while North Korea-related volatility looked quiet.

Chinese retailer Red Star Macalline Group Corp launched its dollar debut on Thursday, about five months after mandating banks for the deal.

Postal Savings Bank of China Co has mandated 21 banks to work on a dollar AT1 transaction worth up to Rmb50bn ($7.4bn), expected to hit the market as early as next week.

The UK-based global mining company Anglo American recently returned to investment grade after over 18 months with a junk bond rating. On Wednesday it announced it would tender for four of its shorter dated bonds and priced a new eight year benchmark deal.