Morgan Stanley
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Europe's investment grade corporate bond pipeline swelled even more on Thursday, though the primary market stayed silent, as HJ Heinz announced a roadshow to prepare funding for its merger with Kraft. -
Gecina, the French real estate investment trust, issued its second euro bond of 2015 on Tuesday, and had to pay a chunky new issue premium and higher yield than last time.
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National Bank of Abu Dhabi on Wednesday printed its $750m tier one perpetual with coupon of 5.25%, the lowest ever for this kind of deal from the CEEMEA region. The feat was even more impressive for being printed on a day when Credit Suisse had its 10 year bond pulled because of market volatility.
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As the half year point of 2015 approaches, year to date CEEMEA volumes are at their lowest in six years. No bookrunner has escaped the plunge unscathed. But some have suffered more than others, and a rare few have taken a larger share of a shrinking CEEMEA market.
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China Biologic Products, the Nasdaq-listed biopharmaceutical firm, sold an increased offering of American Depositary Shares (ADS) on June 9 to raise $315m, as books closed a day earlier on the back of strong demand.
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Wednesday was another deal-less day for Europe's investment grade corporate bond market, as choppy conditions led borrowers to shun issuing — despite a packed pipeline.
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CMA CGM, the French shipping group, raised €175m on Tuesday by tapping its €550m senior unsecured bond, sold on Wednesday last week, when it abandoned a planned dollar tranche.
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National Bank of Abu Dhabi set price thoughts on its first ever international subordinated bond at 5.375% on Wednesday morning. Debt bankers away from the trade doubted the issuer could make a sub-5% finish.
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Public sector bond markets are under threat from violent price moves and low liquidity for months to come, warned SSA bankers, after government bonds sold off sharply on Wednesday.
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Shandong Weigao Orthopaedic Device Company has put its $300m IPO in Hong Kong on hold after Morgan Stanley, one its joint sponsors, allegedly dropped out as a lead banker, potentially delaying the listing by at least a few weeks.
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Inter-American Development Bank and KfW have got away with pricing dollar benchmarks of identical tenors on the same day although neither borrower tightened pricing from the initial price thoughts level.
