Morgan Stanley

Shire's $18bn loan looks set for a strong subscription in syndication, said bankers this week, and a string of bridge financing deals is raising the market's mood.

Goodbaby China Holdings started taking orders on Tuesday for a HK$1.3bn ($160.8m) IPO in Hong Kong, as the firm hopes to rise above volatile markets with a compelling discount to its peers.

Cardiff University has mandated three banks for its debut bond, the latest offering in a run of debt issuance from the UK higher education sector, writes Ross Lancaster.

Litigation and settlement costs are still defining the fortunes of the US banks, but this year, it is Goldman’s turn to suffer, while the other Wall Street firms bounce back.

The carnage afflicting worldwide financial markets played into a trio of issuers’ hands this week, with each one able to attract strong demand from investors seeking safety in uncertain times.

European stocks rose on Thursday, as European Central Bank president Mario Draghi offered a supportive, if vague, acknowledgment of the market’s struggles. But bankers said they would need several consecutive days of rising markets to regain confidence in this quarter’s prospects for primary issuance.

The World Bank and Cades were both able to bring large deals at the short end of the dollar curve on Thursday, despite a difficult market backdrop for issuers.

Clydesdale and Yorkshire Bank Group, the UK mid-sized bank being spun off by National Australia Bank, had by day three of bookbuild received more than enough demand to place all of the shares in its London IPO.

Chinese property developers could face rating downgrades if the renminbi continues to fall, according to Standard & Poor’s.

Veritas Technologies, the US software firm that Carlyle Group is buying from Symantec, will aim to complete a revised $7.4bn sale next week after failing to secure financing in November.

Postal Savings Bank of China stole the attention of the Hong Kong equity capital market this week as it kicked off preparations for a potential $15bn IPO, set to be the largest in the city in nearly five years. But fickle markets and a Hong Kong dollar stuck in a downward spiral could put the issuer on the back foot, writes Jonathan Breen.

Pay is likely to be under pressure at Morgan Stanley, as the firm shrank its compensation costs from $2.4bn in 2014 to $1.4bn last year in its Institutional Securities division.