Morgan Stanley

The abrupt departure of Greg Fleming shows Morgan Stanley’s top boss is delivering on his promise to make nurturing the next generation of leaders a defining aspect of his regime, writes David Rothnie

The Iberian Peninsula was host to a duo of barnstorming sovereign benchmarks this week, but there was no consensus among bankers over whether they signified an appetite for sovereigns at the lower end of the European credit quality spectrum.

Portugal equalled its largest ever benchmark size with a visit to the 10 year part of the curve on Thursday, taking the week’s overall sovereign euro issuance to a record high.

Portugal equalled its largest ever benchmark size with a visit to the 10 year part of the curve on Thursday, taking the week’s overall sovereign euro issuance to a record high.

Jabez Private Equity Fund I offloaded the remainder of its holdings in South Korea’s Hyundai Securities Co on January 7, fetching W115bn ($96m) from the fixed price offering.

Korea Midland Power Co (Komipo) bagged $300m from new 5.5 year notes that were four times subscribed on January 13. The Aa2/AA-/AA- rated borrower offered investors something of a safe haven play amid the recent volatility, with strong demand allowing the issuer to print the new bond with little premium.

CYBG, the UK mid-sized bank owned by National Australia Bank, will start building the book for its initial public offering in London next week.

There may be a new man in charge at the Mexican debt management office, but bankers were just as effusive as ever over its $2.25bn of 10 year bond, its first issuance of 2016, on Wednesday.

This year’s first high profile IPO in Europe began today, when CMC Markets, the financial spread betting firm founded by Peter Cruddas, announced its long-expected intention to float in London.

The Japan Bank for International Cooperation priced a 10 year benchmark while the Province of Ontario placed a three year bond on Wednesday. Both issuers impressed bankers away from the trades, coming as they did amid difficult conditions.

Portugal is limbering up for its first benchmark of the year in a week heavy with eurozone periphery sovereign issuance, including an auction where Italy’s three year yield nearly dipped below zero.

China Nonferrous Metal Mining and Vista Land & Lifescapes are meeting investors ahead of their respective dollar offerings, while Hangzhou Hikvision Digital Technology is set to gauge interest in Europe for a euro-denominated deal.