Morgan Stanley
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Senvion, the German wind turbine maker, pulled its €700m IPO on Wednesday morning, after a difficult bookbuild that failed to deliver a covered book. -
Fortune Oil PRC Holdings is in the market for a $240m three year loan that will refinance debt signed in October 2013.
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Chinese e-commerce group Alibaba has launched its latest loan at $3bn, less than a week after it signed an agreement with eight mandated lead arrangers and bookrunners. However, the financing could be even bigger, with the top group hoping demand will be strong enough to increase it to $4bn by the end of syndication.
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This week started with a host of FIG trades, including a holdco blowout from HSBC in euros, and, while supply slowed around the European Central Bank’s meeting, issuance is expected to return with a bang next week after the ECB announced a new stimulus package on Thursday.
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Bank Nederlandse Gemeenten brought a 10 year dollar benchmark this week that sparked much debate about whether other issuers would be able to follow in the tenor. Although with a flurry of other trades this week, it is clear that other options are available once next week’s US Federal Reserve meeting is held.
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Berlin Hyp issued the first negative yielding covered bond this week, giving investors a sign of things to come as financial institutions prepare for another round of monetary policy stimulus from the European Central Bank.
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Chinese e-commerce giant Alibaba Group has mandated eight banks to run its $4bn loan, with invitations to be sent out to lenders soon.
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Holders of $750m of Ukrainian poultry producer, MHP’s debt have refused to accept amendments to the bond which would prevent a covenant breach.
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The Bank of England has printed $2bn of three year paper from a heavily oversubscribed book, as fears of a UK exit from the European Union showed no impact on the central bank’s bonds.
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Senvion, the German wind turbine maker, has set the price range for its Frankfurt initial public offering at a level that implies a heavy discount to its main listed peers.
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International Flavors & Fragrances was the only corporate issuer in the euro bond market on Monday as the US company made its debut offering in the currency.
