Morgan Stanley
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Merlin Properties, the largest Spanish real estate investment trust, has announced a fully underwritten rights issue, to raise €613.8m, a 50% capital increase. It is also considering bond issuance in future.
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Some senior unsecured FIG borrowers in euros were met with a less than stellar response from investors this week.
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Pennon Group, the UK water, sewerage and waste management company, raised £100.3m on Thursday with a 3% equity capital increase to finance the acquisition of Bournemouth Water.
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Morocco’s sole international corporate bond issuer returned for its second ever benchmark deal this week. The firm found size and tight pricing, printing a $1bn 10.5 year note well inside its secondary curve, said bankers on the deal.
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Moroccan fertilizer company OCP on Wednesday priced its second ever international bond deal just a few basis points back of its extrapolated curve, investors said.
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China Cinda Asset Management was at the heart of two blocks within a span of just a few days, as shareholders UBS and Citic Capital Financial Holding trimmed their holdings amid an intense rally in the company’s share price. -
Labco, the French medical diagnostics firm, published its intention to float in Paris on Wednesday and began investor education for an IPO that could be as large as €640m.
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Moroccan fertilizer company OCP has released initial price guidance of 4.875% area for a 10.5 year dollar benchmark, offering around a 12.5bp new issue premium for the deal.
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China Communications Construction Co (CCCC) made a successful debut in the international bond market on April 14 with a senior perpetual bond. Its rarity value, attractive pricing and great timing drew huge demand from investors, which allowed the issuer to achieve the lowest coupon for a senior dollar perp in Asia.
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The Asian bond market is in full throttle this week with a flush of new issuance from mostly investment grade names. But the high yield sector was not to be outdone with Central China Real Estate printing a red hot $300m bond that was close to 12 times covered.
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JP Morgan and Morgan Stanley yesterday successfully sold a 10% block of Spire Healthcare shares, only to see the stock fall 10% in trading today in what one lead banker called a “disappointing” outcome.
