Morgan Stanley
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Chinese companies have aggressively expanded into Europe this year, snapping up businesses and expanding their footprint. While loans are still the go-to funding tool and often get the bulk of the refinancing, as this week’s China National Chemical Corp transaction shows, the bridge-to bond route is becoming more popular. Morgan Davis and Addison Gong report. -
BE Semiconductor Industries' €125m convertible bond has traded up since its successful launch on Wednesday, when the company raised seven year money to expand factories in Asia at an attractive 40% premium to its current share price.
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In another sign of the cautious mood gripping the IPO market in Western Europe, Varta AG, the German microbatteries maker, has called off its €150m Frankfurt IPO. Yet the Nordic market continues to show its resilience, as three successful flotations reach their conclusion this week.
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Asia’s debt capital markets opened with a bang on Wednesday with five issuers fighting for attention. Investors have plenty of choice including a euro deal and a trio of dollar offerings from Chinese FIG and corporate names.
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US drugs specialist Catalent Pharma on Tuesday began offering its debut euro bond to investors as it sought funding for its acquisition of peers Pharmatek and Accucaps.
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The UK Debt Management Office broke its record low real yield at syndication on Tuesday for the second time in just over four months. The sovereign has also announced the results of a consultation meeting on what form its final two syndications of the 2016-17 financial year should take.
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BPCE and Morgan Stanley chose different currencies for their dual tranche bond issues on Tuesday, as they tested investor appetite at a late stage and difficult period in the year.
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IPOs in Hong Kong this year have been dominated by friends and family investors or throttled by cornerstone accounts. But the appearance of technology company Meitu could be the deal the market needs to attract foreign investors, so it can’t be allowed to slip into the ranks of mainland dominated deals.
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Chinese selfie app maker Meitu has cracked open books for its potential HK$5.5bn ($710.4m) IPO, a deal notable for coming from the technology sector — a rarity in Hong Kong’s primary market.
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DNA, one of Finland’s largest telecommunications companies, has revised the price range for its Helsinki IPO to the lower middle end of its initial range, having gathered a book two thirds made up of foreign investors.
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German building materials manufacturer HeidelbergCement capped a month of good rating agency news with a blowout order book as it tapped the euro bond market for €1bn on Monday.
