Morgan Stanley

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.

Equity capital market bankers are finding it hard to feel optimistic about this quarter. By close last night, European stocks had already fallen 8.8% so far this year, and few deals had been launched.

BeiGene is looking to raise $132m from a Nasdaq IPO, with the firm kicking off bookbuilding on Tuesday for what will be the year’s first listing of a Chinese issuer in the US.

Bank Nederlandse Gemeenten (BNG) is the first SSA borrower this week to brave the dollar bond market as tricky conditions in other markets make life tough for issuers.

Goodbaby China has kicked off pre-marketing for a potential $200m IPO and could start the roadshow next week, according to market sources.

Spanish low cost airline Volotea has declared its intention to float in Madrid, with one lead banker saying the oil price fall could help the deal succeed.