Morgan Stanley
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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.
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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.
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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.
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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.
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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.
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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.
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American International Group raised HK$5.83bn ($752.26m) from an overnight share sale in PICC Property and Casualty Co on Monday, as it seized what bankers say may be the last window for such a large block before the end of the year.
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China Energy Engineering Corp’s HK$14bn ($1.81bn) Hong Kong IPO, which priced at the bottom of the range on Thursday, was comfortably covered even though retail investors failed to take up all the shares they were entitled to.
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Morgan Stanley is losing Kay Haigh, the global head of emerging markets within its FXEM business, as 30% of the team is rumoured to be being cut. However, a senior hire in the business is also being made — James Brown from Deutsche Bank.
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Citigroup and Morgan Stanley have on Thursday night launched and closed the expected $2.5bn capital raising for Naspers, the South African media and e-commerce company, as an accelerated bookbuild. The sale is covered.
