Morgan Stanley

With one quarter left of 2016 to go and global issuance 22% down, the equity capital markets bookrunner race is going into its final straight. Familiar faces are leading the pack, but incumbents in general are having a tough year.

The Vietnamese government has hired Morgan Stanley to lead a 9% divestment of its stake in Vinamilk, the country’s largest dairy company.

China’s Cofco Meat has begun pre-marketing a potential $300m Hong Kong IPO and is set to open books within two weeks, according to bankers close to the deal.

India’s National Stock Exchange has got the green light from its board of directors to launch its long-awaited IPO in the form of an offer for sale, according to an announcement on its website.

Avolon Holdings, indirectly owned by China’s HNA Group, has tapped Morgan Stanley and UBS to provide $8.5bn of debt for the acquisition of the aircraft leasing business of CIT Group.

Misys, the UK banking software company owned by Vista Capital Partners, will make its return to the London Stock Exchange via an IPO in early November, the company said in an intention-to-float document on Thursday morning.

The revival of convertible bond issuance by the traditional issuer base of smaller, riskier companies continued at the end of last week with contrasting deals by Ship Finance International and Recipharm.

Chinese data firm GDS Holdings has begun pre-marketing its $300m US listing with bookbuilding expected in the next two weeks. Logistics company ZTO Express has also chosen to float in the US.

For the nine months through September, Morgan Stanley topped the Asia ex-Japan ex-onshore China ECM bookrunning league table with $9.41bn in deals, according to Dealogic. It was also the only bank with double-digit market share.

Old loyalties and simmering disputes are dictating the winners and losers in the race for top billing in Italian FIG, writes David Rothnie.

Saxony-Anhalt increased the size of a new three year dollar deal on Wednesday after squeezing pricing tighter twice during two days of marketing.

Nets, the largest Nordic digital payments processing company, has confirmed that Deutsche Bank stabilised its share price after its IPO on September 23, when the company’s share price closed at Dkr145, down 3.3%, on its first day of trading.