Morgan Stanley
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Existing bondholders switching into new notes will add some Pen4.162bn ($1.46bn) to the issue size of the Republic of Peru’s new sol-denominated 2024 bonds as the sovereign cleans up its near term debt profile.
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Market participants are bracing themselves for an onslaught of bank capital deals in the coming weeks after another member of China’s big four banks – China Construction Bank (CCB) – announced it will be meeting investors for a CNH tier two trade. -
The US investment grade corporate bond market barely blinked this week when the US Federal Reserve called time on quantitative easing. Companies hit the market ahead of what is expected to be a bumper November for new issuance.
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Jasmine International Public Company, which is setting up an infrastructure fund for its broadband internet business, plans to begin investor education next week for the roughly $1bn Thailand IPO.
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Grand City Properties, the German housing company registered in Luxembourg, has achieved a high hit rate for its bond tender offer.
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A pair of borrowers braved dollar issuance this week after volatility in US Treasuries last week led to a pair of undersubscribed deals. But so far the market recovery has taken the shape of a pair of ultra conservative German borrowers at the short end of the curve. Bankers will have to wait until next week to see an issuer test demand in the belly of the curve.
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Morgan Stanley reported third quarter (Q3) earnings of $1.7bn last Friday, up from $889m in the same period the year before. The improvement was driven by its wealth management and institutional securities businesses.
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FMS Wertmanagement is open to opportunistic private placements ahead of the end of the year, after a $1.5bn long two year benchmark took it to nearly €11bn done of a 2014 funding target that it originally set out as €10bn.
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Grand City Properties, a Luxembourg-registered, Frankfurt-listed company that invests in German residential property, is expected to price about €350m of high yield bonds on Friday, a banker familiar with the deal said.
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German wind-up agency FMS Wertmanagement priced on Wednesday afternoon the first benchmark in two weeks to come at the tight end of guidance.
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Sovereign, supranational and agency bankers are waiting for a borrower — possibly Sweden — to attempt a benchmark in the belly of the curve to test the strength of sentiment after extreme volatility in US Treasury markets last week led to a pair of undersubscribed deals in dollars.
