Morgan Stanley
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The euro high yield market closed the week before the Easter break in strong form, with bonds from Burger King France and Colfax, the US gas company. -
Chinese corporates and FIGs contributed to most of the primary supply in Asia DCM on Tuesday, with China Oil and Gas Group, Yida China Holdings and Citic Securities snapping up a combined $1.45bn.
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The slightly softer tone in the Asian markets on Tuesday did not deter issuers from flocking to the debt market, with as many as eight borrowers bagging new bonds. And the momentum continued on Wednesday, with a handful of firms opening their transactions.
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Asia’s primary DCM market is busy on Tuesday ahead of the long Easter weekend, with Lianyungang Port Group, China Oil and Gas Group, Yida China Holdings and Golden Wheel Tiandi Holdings Company opening books for their respective dollar bonds.
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Shares in Gestamp Automoción and Banca Farmafactoring, which had performed poorly on their first day of trading after their IPOs on Friday April 7, steadied this week, providing relief to equity capital markets bankers anxious to avoid poorly performing deals putting off investors.
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Telenor, the Norwegian telecoms company, has sold a 4% stake in Veon, the Russian telco formerly called VimpelCom, for $262.5m through a block trade.
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Potential high yield bond issuance for this week shot up above €2.4bn with a new €1bn offering from Grifols, the plasma medicine manufacturer based in Barcelona, which is closing the last leg of its debt refinancing.
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Bank of China, CCB Life Insurance and Citic Securities kicked off investor meetings and calls this week, in pursuit of Reg S deals.
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Yida China Holdings, Peking University Founder Group Company, Red Star Macalline Group Corp and HKICIM Group are looking to hit the offshore debt market, mandating banks for their respective Reg S transactions on Monday.
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Deutsche Bank has successfully completed its fourth capital raising since the financial crisis, as investors backed CEO John Cryan's turnround plan with a 98.9% take-up rate.
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JP Morgan has hired back one of the most senior members of Morgan Stanley’s European mergers and acquisitions team.
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