Morgan Stanley
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Supranationals were able to take €8bn out of the long end of the euro curve this week amid another week of demand for duration, but the deals arguably suggest the strength of that interest could be waning, said bankers. -
International institutional investors showed no signs of ‘Brexit’ jitters this week as the last of the sovereign's syndication before the European Union referendum drew a record book of more than £15bn.
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Dong Energy began the bookbuild for its Copenhagen IPO on Thursday, at a price range of Dkr200 to Dkr255 a share, which would give it a market cap of Dkr83.5bn to Dkr106.5bn ($12.5bn-$16bn).
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Hotelbeds, the travel services operator based in Majorca, launched syndication for its €490m term loan ‘B’ on Thursday. The loan will be used for Cinven's and CPPIB's acquisition of Hotelbeds.
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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.
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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.
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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.
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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.
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Croatia has picked four banks for a euro-denominated bond and is embarking on investor meetings for the deal next week.
