Morgan Stanley

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.

Zhou Hei Ya International Holdings Co raised HK$2.5bn ($321.8m) after pricing its Hong Kong IPO towards the bottom of the indicative range last Friday.

Europe’s largest laboratory services company, Synlab, on Friday shot a new bond into the European high yield market deal to repay all of its 2022 floating rate notes.

Government agency Specified Undertaking of the Unit Trust of India (Suuti) has offloaded a part of its stake in conglomerate Larsen & Toubro via an accelerated bookbuild, raising Rp19.8bn ($296.7m).

HNA Group affiliate Avolon Holdings has wrapped up a $8.5bn debt financing for the acquisition of the aircraft leasing business of CIT Group, with five lenders joining the trade.

PNB Housing Finance and Varun Beverages priced their respective IPOs in India at the top of the range this week, fetching Rp41.1bn ($616.9m) between them.