Morgan Stanley

Europe’s sunshine state may be about to default for the second time, but equity capital markets are fizzing with activity, and indices only a fraction off their post-crisis highs.

Three convertible bonds were launched in Europe on Tuesday, by British Land, steel tube maker Salzgitter and Iida Group, a Japanese condominium developer.

Spain and Council of Europe Development Bank hit the long end of the curve in euros on Tuesday ahead of a Greek debt repayment deadline later this week.

The UK government’s plans to bring its divestment of Lloyds Bank to a conclusion are taking shape, after the Conservative Party won a majority in the May 7 general election — and there may be news soon on privatising Royal Bank of Scotland.

European high yield credit has lost a key market-making banker, say sources, as Goldman Sachs has moved a big name trader to its distressed business.

China National Bluestar raised $1bn from its maiden dollar bond on May 28 as investors flocked to the state-owned chemical company’s dual tranche deal. Despite garnering almost twice as much demand for the longer dated bond, the borrower opted to raise equal amounts across the three and five year trades.

Legend Holdings, Red Star Macalline Group Corp and Shandong Weigao Orthopaedic Device Co plan to hold their respective listing hearings with the Hong Kong Stock Exchange on Thursday, June 4.

China Railway Signal & Communication Corp (CRSC), the rail traffic control systems giant, has put up its draft prospectus with the Hong Kong Stock Exchange in an IPO that could raise up to $2bn.

Credit trading desks at banks have been swept by a tornado of job moves, as financial institutions specialists leave or jump to rival firms in a scramble to survive in a shrinking market.

Home Depot and Time Warner led a flurry of corporate borrowers on Thursday as the dollar market closed in on a record month for issuance.

Eli Lilly, the US pharmaceuticals company, made its euro bond debut on Tuesday, printing seven, 11 and 15 year notes and proving that the market is still open for longer dated paper — at a price.

Unilever, the UK-Dutch consumer goods company, highlighted growing demand for short dated bonds and FRNs on Wednesday, when it gathered a hefty order book at arguably no new issue premium for a three year floater.