Morgan Stanley

National Australia Bank has laid out its plans to float its UK mid-sized bank unit CYBG in London early next year.

China National Bluestar wrapped up an unexpected dollar bond last week, forcing some investors to remain on the sidelines due to tight pricing and lack of clarity.

David Lloyd Leisure, the TDR Capital-owned UK gym and spa firm, and Cooper, the French pharmaceuticals distributor, widened loan pricing this week as the leveraged market became increasingly selective.

China Overseas Finance Investment (Cayman) V raised $1.5bn from an extremely popular exchangeable bond on Wednesday, with the order book swelling to twice that amount.

American International Group raised HK$5.83bn ($752.26m) on Monday from an overnight share sale in PICC Property and Casualty Co, as it seized what may have been the last window for a large block trade this year.

China National Bluestar is in the market with its second dollar bond of the year, opening books to a perpetual non call three transaction on December 10.

Cooper, the French pharmaceuticals distributor, has priced the term loan ‘B’ for its acquisition by Charterhouse at 475bp over Euribor, with an original issue discount of 99.5, the wide end of initial talk that began at 450bp.

Earnings from capital market activities are expected to come under further pressure next year, as European banks struggle to make money in the new regulatory environment.

Morgan Stanley’s extensive cuts in its fixed income division will not touch Global Capital Markets, the division which houses Morgan Stanley’s primary debt and equity underwriting businesses. Indeed, a source close to the bank said the GCM team had “never been busier”, and would turn in positive performance for the year.

China Overseas Finance Investment (Cayman) V has opened books on a $1.2bn equity-linked offering of bonds exchangeable into shares of China Overseas Land & Investments.

Ford Auto Finance (China) executed its second auto ABS of the year this week, raising Rmb2.99bn ($467m) with Fuyuan 2015-2 Retail Auto Mortgage Securitization. The amount raised was similar to its last outing in February, but Ford was able to cut its funding costs by an impressive 140bp.

Huishang Bank Corp has come a step closer to launching its H-share private placement in Hong Kong, after the China Securities Regulatory Commission (CSRC) approved the sale on Monday.