Morgan Stanley

Bank of East Asia raised $500m in its first Basel III deal, managing to attract a huge order book which allowed bankers to tighten guidance by 30bp.

The November deluge of dollar supply continued as companies from across the high-grade spectrum printed a total of $25bn in three days of issuance this week, led by nervous energy and resources companies.

Apax and Bain Capital made their move for Portugal Telecom’s Portuguese assets this week, but rival bidder Altice is more than ready for its challenger, having signed the banks behind its bid on an exclusive basis some weeks ago.

Lloyds took centre stage in the senior unsecured FIG market this week, drawing an order book of around €7bn for a seven year bond, as it made the most of the noise surrounding regulators' plans to implement a total loss absorbing capital (TLAC) measure.

Rating: Baa2/A-/A

China High Speed Transmission (CHST) Equipment Group tapped into the dim sum market for the first time on November 12, raising more than it was targeting, with a Rmb650m ($106m) trade.

Bank of East Asia has launched its first Basel III bond, opening book building for a tier two dollar offering on Thursday. It becomes the second Hong Kong bank this year after Dah Sing Bank at the start of 2014.

Apax Partners and Bain Capital have made their move for the Portuguese assets of Portugal Telecom today, with a €7.075bn offer buy the assets from Oi.

The senior unsecured market made up for a slow start to the week on Wednesday as three deals hit screens. Lloyds was able to draw a hefty order book for a seven year fixed rate print, while Danske Bank and Morgan Stanley sold floating rate notes.

E-commerce firm Alibaba Group, which signed a $3bn revolving facility with four lenders on August 30, has allocated the financing following a limited syndication. The loan, which features looser covenants than Alibaba’s last fundraising, has set a precedent for future financings by the company, as well as for revolving credit facilities in Asia.

Beijing-based Momo, a mobile-based social networking platform, is looking to raise at least $300m from an IPO on the Nasdaq and has filed a preliminary prospectus with the Securities and Exchange Commission.

Council of Europe crowned a week of tightly priced deals from high quality issuers in dollars with the first benchmark to reach the five year point of the curve since the dollar market was engulfed in volatility in mid-October. Sweden kicked off proceedings with an oversubscribed three year that came at the deepest level through mid-swaps for a deal of that tenor all year.