Morgan Stanley

State Grid Corp of China, a government-owned utility, has mandated banks for a possible debut euro bond to be issued through its European subsidiary, State Grid Europe Development.

British Telecommunications has declined to confirm press reports that it is planning a £2bn rights issue as part of its financing for the £12.5bn takeover of EE, the UK mobile phone group. However, the market barely flinched at the news, suggesting a deal, if it comes, will not be a challenge.

British Telecommunications has declined to confirm press reports that it is planning a £2bn rights issue as part of its financing for the £12.5bn takeover of EE, the UK mobile phone group. However, the market barely flinched at the news, suggesting a deal, if it comes, will not be a challenge.

The UK government will sell the next chunk of Lloyds Bank shares using an unusual dribble-out trading plan, in which shares will be sold piecemeal in the secondary market, rather than in a large block, as it has done twice before.

The UK government will sell the next chunk of Lloyds Bank shares using an unusual ‘dribble-out’ trading plan, in which shares will be sold piecemeal in the secondary market, rather than in a large block, as it has done twice before.

Dalian Wanda Commercial Properties is expected to price its IPO near the top of guidance to raise HK$28.8bn ($3.7bn) for Hong Kong’s largest listing this year.

BAIC Motor has raised HK$11.04bn ($1.42bn) after pricing its IPO — one of the last billion-dollar listings for Hong Kong in 2014 — just above the midpoint of guidance.

China Orient Asset Management opened books for a tap to a five and 10 year dual trancher late last week. But it decided not to price the longer bond as it was content with the strong reception for the five year.

Fiat Chrysler Automobiles raised $3.46bn on Wednesday, when it priced its $2.5bn mandatory convertible bond and $957m share offering, designed to strengthen its balance sheet and gain a new investor base in the US.

The US market slowed down after the previous week’s blockbuster but a handful of smaller trades were sufficient to take December's haul to a record. Four corporate trades worth $2.8bn pushed issuance to $43bn, making it the busiest December ever.

Insurance capital is finding unexpected favour even as most other European debt markets are stopped in their tracks. With insurers rushing to take in fresh subordinated debt ahead of new EU regulations next month, and investors increasingly receptive to higher yielding instruments from a less volatile sector than banks, more than €2.3bn ($2.85bn) of deals emerged this week. And as Nathan Collins and Graham Bippart report, more could emerge in the coming days.

Morgan Stanley has appointed Richard Chen and Jing Qian as co-heads of its investment banking business in China.