Morgan Stanley

Vodafone will not launch an IPO for its India business before March, even as the UK telecommunications giant wrote down the value of its India arm by €5bn ($5.4bn) following mounting domestic competition.

Norwegian debt manager Lindorff has agreed a €3.4bn bridge-to-bond and a €850m four and a half year super senior credit facility to support its merger with Swedish competitor Intrum Justitia. The combination will create an “undisputed European leader” in debt management, said S&P.

DNA, one of Finland’s largest telecommunications companies, has begun bookbuilding for its IPO after announcing the terms on Monday evening.

US pharmaceutical company Abbvie hit the corporate new issue market on Monday, making its euro debut as a volatile backdrop in government bonds began to filter into the corporate bond market.

Bankers said that none of the three names in the visible Lat Am pipeline would be likely to issue any time soon as a sell-off in US rates brought sudden volatility to EM bond markets, even in economies not considered affected by a Donald Trump presidency.

Equity specialists marvelled again this week at the capacity of markets to surprise, as despite a strongly held consensus that shares would tumble if Donald Trump won the US presidency, the New York stockmarket actually rose.

US and European financing markets are wide open for business despite the shock US election result, and banks are pressing on with M&A mandates with seemingly renewed vigour. Elly Whittaker reports.

Doosan Bobcat got its listing across the line at the second attempt, as cheaper valuations and a willingness to accede to investors helped raise W900bn ($788.0m).

UK banks will be allowed to use one year call structures to optimise the capital eligibility of their senior bonds, after the Bank of England published new rules governing the minimum requirement for own funds and eligible liabilities (MREL).

Shares in Phoenix Group Holdings, the UK buyer of closed life insurance books, have gained 1.9% since the company announced on Wednesday the successful completion of its £735m rights offer to finance its takeover of Abbey Life.

CMB Financial Leasing Co has picked banks and is starting a roadshow this week for its debut international bond, in a sign that it's business as usual in Asia.

The crushing of recent Hong Kong IPOs in secondary and the anxiety it has caused among investors has led to much finger-pointing in the ECM fraternity. But to lay the blame squarely at the feet of a single bank or deal is hardly fair. In an IPO market strewn with casualties, everyone has to share the responsibility.