Morgan Stanley
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Debt bankers are pinning their hopes on the Middle East to get fourth quarter bond supply off to a strong start, after a torrid final two weeks of September.
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World Bank on Wednesday sold the largest dollar benchmark from an SSA since July, as other issuers lined up deals in the currency.
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The increasing attractiveness of euros over dollars has led one public sector borrower to mandate for its first ever benchmark in the currency — and more debut issuers could follow.
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Shandong Weigao Orthopaedic Device Co is taking another stab at a Hong Kong listing, tweaking the list of sponsors leading its deal. -
A supranational has mandated for a dual tranche dollar benchmark, amid signs that issuers are willing to pay up to get size. But Sweden took a different route, pricing a $1bn deal arguably through its curve.
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The unrated Finnish carrier Finnair Oyj, which is government majority owned, has begun a three day roadshow on Monday for new hybrid notes despite recent negative corporate events rattling bond markets.
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US automotive components supplier BorgWarner is looking to issue its first notes in euros, and could be followed by others as the European market leaves behind memories of the Greek crisis, say bankers.
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British operator of cloud services Interoute Communications’ €590m secured notes braved a rough primary high yield market on September 25 and recovered this week from an initial hit in the secondary.
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National Grid pulled off the rare trick on Thursday of issuing a convertible bond without any risk of diluting its shareholders, writes Jon Hay. The feat relies on an arbitrage that is only occasionally available, and has been accomplished just twice before in Europe in the last decade, bankers said.
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UBS has hired an emerging market credit sales specialist to its office in London.
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Ashok Leyland is seeking to list its commercial vehicles financing arm, Hinduja Leyland Finance, in an IPO expected to raise around $100m, according to sources close to the transaction.
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The subdued Hong Kong IPO market is finally getting a dose of action with a pair of issuers, IMAX China and Regina Miracle International, aiming to wrap up their debuts ahead of the upcoming Chinese Golden Week holidays.
