Morgan Stanley

Industrial conglomerate Cosan looks set to provide the toughest test of investor appetite for Brazilian credit risk since Petrobras published its delayed 2014 financials results in April.

Morgan Stanley’s Institutional Securities division has put in a stellar performance in the last three months, with revenues in that division up 22% to $5.17bn on the year.

China Construction Bank (CCB) Financial Leasing Corp came straight to the market after a roadshow for its debut dollar outing. Bankers on the deal hope the borrower’s strong name in a rare sector as well as decent premium attract strong demand.

Existing shareholders have sprung into action to support Jardine Cycle & Carriage’s S$1.0bn ($729m) one-for-nine rights issue, with the deal ending up well oversubscribed.

The chief executive and other top officers of Merlin Properties, the acquisitive Spanish real estate company, have been on the road this week, for the company’s second rights issue in three months, as it seeks €1.034bn to buy Testa, another property firm.

The European Stability Mechanism is set to bring the first syndicated euro deal with a size over €1bn in more than a month — but SSA bankers are split on whether it will reopen the euro market.

Austrian insurer Uniqa Group has launched a €500m subordinated note, its first appearance in the market since 2013.

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.