Morgan Stanley
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This week’s sharp Bund sell-off has shone a revealing light on the European public sector bond market’s dwindling support and growing execution risk, writes Craig McGlashan. -
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A sharp sell-off in European government debt scuppered Emirates NBD’s attempt at a $500m five year on Wednesday, leaving investors skittish and the UAE bank with a $350m print.
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Spanish hotel chain NH Hotels was set to sell on Thursday €200m of senior secured notes with initial price talk of 4.25%-4.5%, part of an aggressive debt reduction strategy.
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A sharp sell-off in European government debt scuppered Emirates NBD’s attempt at a $500m five year on Wednesday, leaving investors skittish and the UAE bank with a $350m print.
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E-commerce company Baozun has kicked off investor education for its $200m IPO on the Nasdaq, as it attempts to break the lull of Chinese names heading to the US for listings this year.
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Labco, the French medical diagnostics firm, opened the book on Wednesday for its initial public offering, which could total €545m at the top of the price range.
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Bristol-Myers Squibb has returned to the European bond market, issuing 10 and 20 year bonds to replace its existing euro bonds maturing in 2016 and 2021.
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Emirates NBD took advantage of a quiet CEEMEA primary market on Wednesday and opened books on a benchmark dollar deal.
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China Communications Construction Co (CCCC) has secured the backing of its board for the H-share IPO of its dredging arm in Hong Kong, which is looking to raise about $800m.
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Aroundtown Property Holdings, an unlisted member of Yakir Gabay’s stable of property investment companies, has issued a €450m pre-IPO convertible, which embodies a strong pledge that the company will float within the next 12 months.
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Cyprus dipped into a market that has become at least temporarily more relaxed about the prospect of a Greek default, raising €1bn of seven year cash.
