Morgan Stanley

The spate of equity linked issuance since the market reopened in mid-May quickened on Thursday with the launch of the largest “real CB” in EMEA for more than two years: a $1.5bn deal for STMicroelectronics, one of the region’s most prolific issuers.

Isbank raised $500m with the 10th deal from a Turkish financial this year with a tidy though somewhat lacklustre trade. While EM bankers suggested it was evidence of some Turkish bank fatigue among investors, the leads said the trade was symptomatic of the weaker market backdrop.

Isbank opened books on Thursday for the 10th deal from a Turkish financial this year, offering a higher than usual new issue premium in the process to account for softer market conditions. While the deal is expected to be well absorbed, for some on the buyside, the risks of an Isbank tier two are too much.

India’s Rural Electrification Corporation (REC) has mandated banks for a green dollar bond, a first for the company.

Property names China Jinmao Holdings Group and Shimao Property Holdings, along with India’s Adani Ports and Special Economic Zone, launched new dollar deals on Thursday.

Allied Irish Banks again tightened guidance on its London and Dublin IPO this evening, moving the lower and upper limits to €4.30 to €4.50 a share.

Arabtec Holding, the United Arab Emirates’ largest listed construction firm, said on Tuesday its rights issue was fully subscribed, raising Dh1.5bn ($408m) for a recapitalisation.

Delivery Hero, the Rocket Internet-backed online food delivery company, set a price range for its €747m to €866m IPO this morning, and will open the bookbuild on Tuesday.

A week long roadshow and investor meetings in six countries paid off for Swedish debt collector Intrum Justitia, which sold the bond to fund its merger with Lindorff with an average coupon of below 3% on Friday.

Bestway Global Holding and China Isotope & Radiation Corp are gunning for listings on the Hong Kong Stock Exchange.

South American sovereign Uruguay followed up its lowest inflation print for 12 years with its first ever nominal global peso-denominated bond on Monday.

Covering four tranches, two currencies and fixed and floating rate payouts, what could be the largest high yield bond since April 2016 hit screens on Monday as Intrum Justitia embarked upon a week-long roadshow for a €3bn bond.