Morgan Stanley

China Railway Signal & Communications Corp (CRSC) started investor education for its $2bn Hong Kong IPO on Monday, July 20, becoming the first issuer brave enough to proceed with its equity-raising plans following the mainland stock market’s dramatic collapse earlier this month.

J Sainsbury, the unrated UK supermarket chain, on Thursday became the first issuer to join the corporate bond pipeline in three weeks, announcing a roadshow for a possible hybrid capital deal.

Hanjin Transportation defied the odds to raise W217.84bn ($191.57m) from a block trade in Korean Air Lines, with sole bookrunner Morgan Stanley winning plaudits for its handling of the transaction that hit the market just a week after the first attempt fizzled out.

Cement maker and importer TCC International Holdings has wrapped up its HK$3.63bn ($468.23m) rights issue in style, with the deal oversubscribed by nearly 16%.

Three block trades took place on Tuesday night, as Europe’s equity capital markets appear to be returning to normality after the stress of the Greek debt negotiations of the past few weeks.

The European Stability Mechanism has sent out a request for proposals for a euro benchmark — and could ape the European Union, which brought a five year on Wednesday, said public sector bankers.

The future of Greece as a eurozone country was hanging in the balance on Wednesday — all but shutting down the euro benchmark market for public sector borrowers.

Hanjin Transportation is back in the market to offload its W220.1bn ($192m) stake in Korean Air Lines just a week after its first attempt collapsed, offering a juicier discount this time around in the hopes of wooing investors and combating volatility.

China Construction Bank (CCB) Financial Leasing Corp has hired eight banks to prepare for its outing to the dollar bond market as early as next week. Meanwhile, Weichai Power is gearing up for its maiden offshore bond, which will be in either US dollars or euros.

Liability management for financial institutions has had a quiet time of it in 2015. Banks spent the post-crisis years buying back debt to generate capital, and will spend the years ahead fitting their capital stack to the new regulatory reality. But for now, the market is becalmed. Owen Sanderson reports.

As regulators have looked to make banks bankruptcy-proof in the years since the financial crisis, bank capital investors have been forced to adapt quickly to new layers of protection. For seasoned buyers, the disruptive force of the Financial Stability Board’s rules on total loss-absorbing capacity (TLAC) is simply the next challenge.