Morgan Stanley
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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. -
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.
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Covestro, the polymers division of Bayer, began bookbuilding on Monday for its early October initial public offering, which is intended to raise €2.5bn, entirely from the issue of new shares.
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Interoute Communications, Europe’s largest operator of cloud services, began offering €590m of bonds on Monday to fund its recent takeover of peer Easynet from the UK’s MDNX Group.
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Worldpay, the UK payment processing group, expressed its intention to float last Friday, bolstering hopes among equity capital market specialists that it would bring one of the largest IPOs in London this year, despite recent reports of takeover bids.
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Immofinanz, the Austrian property company, conducted a €150m accelerated bookbuild on Tuesday evening in shares of its affiliate Buwog, a residential property developer. It was the culmination of a complex and carefully designed process to redeem a €375m exchangeable bond. The sale was priced at the market closing price, without a discount.
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