Morgan Stanley
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After months of spread tightening and an unremitting stream of successful deals, the positive mood in the primary covered bond market finally broke this week. Amid a weakening secondary market, OP Mortgage Bank only just managed to get a deal away and AIB Mortgage Bank became the only covered bond issuer to postpone a deal this year.
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QBE Insurance braved it alone in the subordinated market this week as it became the second Australian financial to tap the dollar market for a tier two bond that would convert to equity or write down upon point of non-viability (PNV).
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Jasmine Broadband Internet Infrastructure Fund has opened books on its Bt38.5bn ($1.2bn) IPO, with bankers on the trade confident about demand, despite the lack of cornerstone investors. -
Alibaba’s landmark $8bn bond has had an unpredictable time in secondary markets in the week since it was completed, as US and Asian investors reflected different views on pricing. But this does not take away from the deal’s achievements.
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Thule, the Swedish car roof rack and bag maker, made a successful trading debut on Wednesday after pricing its IPO on Tuesday, “multiple times oversubscribed”.
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China Development Bank’s financial arm of CDB Leasing failed to outshine on its comeback through a five year and ten year dual tranche offering on November 25 despite the status of the ultimate parent as the country’s biggest policy bank.
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NXP Semiconductors, the Dutch chip maker, raised $1bn on Tuesday with a convertible bond that used the call spread structure popular with US tech companies.
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Export Development Canada built an oversubscribed book for a new dollar benchmark on Tuesday, despite pricing flat to its curve. The issuer’s rarity and the deal’s proximity to the Thanksgiving holiday in the US on Thursday may have helped boost demand for the paper.
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US private equity firm Vista has entered into a £725m agreement to acquire Advanced Computer Software, the UK software and IT services provider.
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Chinese real estate developer Logan Property Holdings launched a two-day roadshow on Tuesday as prepares its maiden dim sum bond six months after selling its inaugural international issue.
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Retail investors in Denmark will be wary of investing in IPOs of private equity-owned businesses after the sudden collapse this month of shipping fuel supplier OW Bunker.
