Morgan Stanley

Despite the flimsy state of Europe's high yield market, its sister leveraged loan business remains vibrant, and this year is the most open of the four main leveraged finance markets: bonds and loans in dollars and euros, writes Max Bower.

Royal Dutch Shell has cancelled its £10.07bn ($14.56bn) bridge loan, instead opting to pay for the cash element of its $82bn acquisition of BG Group with cash on balance sheet.

Pharmaceuticals firm Shire completed the syndication of an $18bn acquisition loan on Friday and will use proceeds to buy rare disease specialist Baxalta.

Keurig Green Mountain, the US speciality coffee and coffee machine firm, increased the euro term loan ‘B’ tranche of the $6.4bn debt package backing its acquisition by JAB Holding, the German investment group.

Derivatives market prices reflect growing uncertainty over the UK's forthcoming referendum on European Union membership, analysts said this week, even though the vote will not be held before June at the earliest and the Brexit campaign is widely expected to fail.

Few bankers were happy with their bonuses at the start of 2016, despite a surge in the value of their payments.

CMC Markets, the financial spread betting firm, priced its £218m initial public offering last Friday, before falling 2.5% in early trading. It has fallen further since.

Hangzhou Hikvision Digital Technology raised €400m in its international bond debut on Wednesday, in what was the second euro-denominated trade by a Chinese issuer this year. But unlike China Development Bank’s (CDB) deal last week, there was little European demand for Hikvision.

Citigroup could issue its first yen bonds in over two years this week, after mandating banks for a five year issue in global format.

The stock of Chinese biopharmaceutical company BeiGene has shot up 18% on its first day of trading on the Nasdaq.

Goodbaby China Holdings has pulled its HK$1.3bn ($167.0m) Hong Kong IPO, deciding to cancel on the day it was due to price. Volatile markets and a weaker than expected book meant the leads decided to play it safe.

Clydesdale and Yorkshire Bank Group rose when it began trading after its IPO on Wednesday, having completed its separation from National Australia Bank with a £396m flotation.