Morgan Stanley
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A pair of oversubscribed deals at the long end of the curve in euros this week has reopened a market that has been moribund for much of the year, as investors come to terms with low yields, writes Tessa Wilkie. -
This week produced an encouraging run of equity block trades, with a sprinkling of modestly sized deals on Tuesday, Wednesday and Thursday.
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This week’s encouraging run of equity block trades continues this evening (Wednesday September 9) with a sale of 10% of Inmobiliaria Colonial, the Spanish property company, worth about €190m.
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Belgium on Wednesday printed the largest euro benchmark of 20 years or longer since the European Central Bank began a programme of public sector bond buying earlier this year.
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Belgium is out with the longest dated deal from a sovereign, supranational or agency — outside the emerging markets — since February. And it is drawing a rip-roaring response which could encourage other issuers to look at the long end.
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Belgium has mandated for the first fixed rate benchmark longer than 20 years in the sovereign, supranational and agency sector in euros since February, while an Austrian agency also found demand at the long end of the euro curve.
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Egypt’s Banque Misr is planning a loan for around $200m and will mandate lead banks next week, according to an official in talks with the bank.
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Glencore is keeping its options open as to how it raises $2.5bn of fresh capital. The deal could come as an accelerated bookbuild or in another form, and the mining and commodities group has flexibility on timing.
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Prabhat Dairy limped over the finish line with its IPO, with the Indian producer of milk and dairy products pricing the deal at the bottom of the range after being forced to extend bookbuilding and drastically slashing price guidance.
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Bi Feng Tang (Group) Holdings Corp has tapped Morgan Stanley as the sole sponsor for its proposed IPO in Hong Kong, with the casual restaurant chain filing a draft prospectus on September 4.
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Covestro, the polymer producing unit of Bayer, this morning released its intention to float (ITF) in Frankfurt, kicking off the first substantial listing process after the summer lull.
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