Morgan Stanley

Ireland is this week set to price its longest-dated benchmark since its international bailout in 2010. Proceeds, coincidentally, are earmarked to pay off one of its bailout creditors. Fellow eurozone periphery countries Spain and Greece will join Ireland in the market this week with auctions.

French telecoms group Altice has announced an offer to buy the Portuguese assets of Portugal Telecom from Oi, the Brazilian telecoms company, for €7bn.

Heathrow has signed a £2.15bn refinancing of its revolving credit and liquidity facilities with a syndicate of 22 banks. The loan comprises a £1.4bn revolving credit facility and a £750m standby liquidity facility.

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.

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.

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.

Grand City Properties, the German housing company registered in Luxembourg, has achieved a high hit rate for its bond tender offer.

Rating: Aaa/AAA/AAA

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.

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.

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.