Morgan Stanley
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Export-Import Bank of Korea (Kexim) executed yet another blockbuster $2.5bn trade on Thursday just a few months after printing a deal of the same size. Korea's first four-tranche trade drew a strong response from the market, allowing the policy bank to price inside its existing curve. -
Asia is gearing up for a bumper week of IPOs, with two $2bn deals launching on Monday and other smaller-sized floats vying for investor attention in what has been an action-packed October.
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JP Morgan’s chairman and chief executive was in a sympathetic mood in Washington at the Institute for International Finance last week, advocating a pause in the regulation of banks in Europe that would give them time to get on with financing the real economy.
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A sell-off in eurozone government debt last week, over rumours that the European Central Bank might start tapering its quantitative easing programme, may have helped issuers bring more shorter dated deals in euros this week than have been possible for months — but some issuers are wary that more volatility could be ahead.
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Despite a tough IPO market in which deals are falling by the wayside, ConvaTec, the UK medical supplies manufacturer, opened the books for its London IPO on Thursday morning with a price range that values it at £4.4bn to £5bn.
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China Resources Pharmaceutical Group’s HK$15.7bn ($2.0bn) Hong Kong IPO got off to a flying start this week, with books covered and support from high profile cornerstone investors giving it momentum.
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A diverse group of issuers forged ahead with their respective fundraisings on Thursday, seeking everything from dollars to Singapore dollars and green debt.
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Rights of Informa, the UK business and academic publishing and events company, began trading separately from its shares this week. Both have traded down, but the ratio between the prices remains satisfactory.
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The European Stability Mechanism (ESM) and the Société de Financement Local (SFIL) sold benchmark debt to an increasingly welcoming market for euro-denominated paper on Tuesday.
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China Resources Pharmaceutical Group will raise as much as HK$15.6bn ($2.0bn) via a Hong Kong IPO after firming up the price range.
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The European Stability Mechanism on Monday named four banks to lead manage a dual tranche syndication, expected to be priced on Tuesday.
