Morgan Stanley

BAML and Citi’s M&A and advisory businesses shone this quarter, thanks to sustained investments in moving up the investment banking table, and to a series of chunky deals where both firms have been prominent. Goldman and Morgan Stanley, still the top two banks in the market, saw advisory revenues flatline in the second quarter.

Bank of America Merrill Lynch (BAML) and Citi’s M&A and advisory businesses shone this quarter, thanks to sustained investments in moving up the investment banking table, and to a series of chunky deals where both firms have been prominent. Goldman and Morgan Stanley, still the top two banks in the market, saw advisory revenues flatline in the second quarter.

The Sfr2.3bn IPO of Landis & Gyr, the Swiss maker of energy meters, has been priced above the middle of its initial range at Sfr78, valuing the business at 10 times its 2018 forecast Ebitda.

ADO Properties made its debut in the corporate bond market on Thursday, following a roadshow earlier in the week. The €400m seven year deal provided further supply for investors keen to buy higher yielding triple-B rated credits, but the supply is drying up in the summer heat faster than the demand.

Panda bonds are finally coming back to life after a dire first half. But although all the conditions are in place for an issuance boom, there is reason to doubt quite how high volumes will go.

Waste-to-energy firm China Jinjiang Environment Holding Company (CJE) kicked off its debut dollar offering on Thursday morning.

Ivanhoé Cambridge, the Canadian real estate company that is the largest shareholder in Gecina, has sold 87% of its allocation of rights in the French property group's €1bn rights issue, through a block trade on Tuesday night.

The Province of Alberta on Wednesday passed its first bond market test since suffering a double downgrade from S&P in May. Bankers away from the trade said it was a “good outcome”, despite having to pay a bit of concession — unlike most other dollar deals over the last few weeks.

Chinese state-owned Sinochem International Corp and China Railway Group raised a combined $800m on Tuesday, with demand for high quality investment grade names reflected in the book sizes of the bonds.

Equity capital markets in Europe are beginning to wind down for the summer break, with just a handful of live deals left.

Gecina, the French real estate investment trust focused on residential, office and healthcare properties, will raise €1bn through a fully underwritten rights issue to partly refinance its acquisition of Eurosic.

Indian renewable energy firm Greenko Energy Holdings returned to the green debt market this week, printing a $1bn dual-tranche trade — Asia's largest dollar corporate green bond to date.