Morgan Stanley

Brent and WTI oil futures have risen to above $50 for the first time since November and July respectively, amid bullish short term positioning by aggressive managers and supportive supply data this week. But while traders called this a ‘psychological’ level for the commodity, physical markets are still sounding a note of caution.

Meatpacker Marfrig increased the size of the its new seven year non-call three bond from $500m to $750m to send a message that, in the case of certain issuers at least, Brazil is back.

The Argentine province that analysts consider to be the strongest of those left to issue this year will meet bond investors next week ahead of a potential $1bn bond.

The IPOs of Philips Lighting and Maisons du Monde both reached successful conclusions on Thursday. Their books built gradually, which a banker said boded well for them to trade solidly when they are listed, unlike some recent soggy performers like Telepizza.

Croatia has picked four banks for a euro-denominated bond and is embarking on investor meetings for the deal next week.

Meatpacker Marfrig announced initial price thoughts low to mid 8% area for a new seven year non-call three bond expected to be priced on Wednesday, with S&P so impressed by the company’s capital market activity that it assigned a positive outlook to the rating.

Monsanto has rejected Bayer’s all-cash bid of a $62bn enterprise value as “incomplete and financially inadequate”, but left the door open to an improved offer.

UK investors showed no jitters on Tuesday about a potential UK exit from the European Union, as the sovereign’s last syndication before the EU membership referendum drew a book of more than £15bn — a record for an inflation-linked Gilt syndication.

Equity and currency derivatives markets were ill-prepared for any major policy changes coming out of the G7 meeting this week, with prices reflecting low expectations of volatility. But even as the first day's session on Thursday passed without shocks, there was a growing sense that Friday could bring a bigger showdown.

China Three Gorges Corp, CCB Leasing and 361 Degrees International are looking to take advantage of a tight window to get their dollar fundraisings out of the way ahead of a speech from Federal Reserve chairwoman Janet Yellen on Friday.

Supranational issuers are lining up to tap the long end of the euro curve, with the European Investment Bank set to price an April 2032 benchmark and the European Financial Stability Facility printing a dual tranche deal.

CVC Capital Partners is set to close two leveraged buyouts at early bird stage for Tipico, the German gaming operator, and Doc Generici, the Italian generic pharmaceutical firm.