Morgan Stanley

The spate of very large and strategic block trades has continued this week, with sales of stock in Accor, Dassault Aviation, the London Stock Exchange and Havas, totalling an expected €5.2bn.

Hoist Finance, the Swedish firm that buys and manages unsecured non-performing consumer loans, shot up on Wednesday on the start of trading after its successful Skr2.5bn ($295m) Stockholm listing.

Air France KLM successfully issued its first hybrid bond on Wednesday, a €400m perpetual non-call 5.5 year.

A German agency looks set to be the only SSA issuer to test demand in dollars this week, after mandating banks on Wednesday for a five year deal.

Teva Pharmaceuticals priced its largest euro-denominated bond on Tuesday with a dual tranche eight and 12 year which came roughly flat to the dollar equivalent, according to bankers.

Akbank paid 12.5bp NIP for a rare 10 year senior bond from a Turkish bank on Tuesday, the bank’s second appearance in the international market this year.

South Korea’s Cowell e Holdings has raised HK$884m ($114m) by pricing its IPO just above above the bottom of the price range, as concerns about a possible overhang following the listing and the company’s excessive dependence on Apple caused some price sensitivity.

Air France KLM may have to offer a yield of up to 6% on its unrated hybrid bonds, according to market participants.

Morgan Stanley has appointed Kamal Jabre as head of financial sponsors EMEA, in what is expected to be a final move in its reshuffle of senior leadership.

Teva Pharmaceutical Industries is out in the market with a dual tranche euro-denominated bond. Bankers expected the deal to be priced flat to the borrower’s dollar curve.

Akbank has returned to market with a 10 year $500m no grow, its second dollar offering of the year and its second instalment of a $1bn refinancing.

Chinese department store operator Century Ginwa Holdings is looking for a $120m three year amortising loan, with Chang Hwa Bank as sole agent.