Morgan Stanley
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China's Alibaba Group has thrown open its long awaited $21.13bn New York IPO, with a deal that is likely to be not only the biggest US listing ever but could also break the record for the biggest IPO globally. -
China Auto Rental opened books for a HK$3.62bn ($467m) IPO on Friday morning, in what is the company’s second attempt at a listing after being forced to pull its deal two years ago.
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Europe’s corporate bond market burst into full scale action on Wednesday, after two weeks of sporadic new issuance. A €3bn deal from Sanofi, the French pharmaceuticals company, was joined by €1bn from Toyota Motor Credit Corp, €500m from property company Foncière des Régions and yet another small deal from Volvo (see separate stories).
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A trio of issuers printed oversubscribed deals in dollars this week, including the Inter-American Development Bank’s largest ever dollar global. More borrowers are eyeing issuance in the currency given the impressive levels of demand on offer, although holidays next week will make windows of issuance few and far between.
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The wave of acquisition financings kicked off this week as Marathon Petroleum exploited the recent sharp rally rates and caught investors in eager mood following the August lull.
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Brazil took advantage of the expected negative supply of Latin America sovereign bond paper to sell a $1bn tap of its 4.25% 2025s on Wednesday nearly flat to the country’s outstanding bonds.
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Mobile phone maker Xiaomi launched its $1bn dual tranche loan into general on Tuesday afternoon, following a successful senior phase during which 17 banks joined for the bookrunner and mandated lead arranger title.
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Europe’s corporate bond market burst into full scale action today, after two weeks of sporadic new issuance. A €3bn deal from Sanofi, the French pharmaceuticals company, was joined by €1bn from Toyota Motor Credit Corp, €500m from property company Foncière des Régions and yet another small deal from Volvo (see separate story).
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Silicon Valley’s deal boom is noteworthy because in many cases, investment banks aren’t involved, writes David Rothnie. Staying relevant in this sector runs against the short term cost control mantra prevalent in banking today.
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JPMorgan has hired from Morgan Stanley in financial institutions debt capital markets, shortly after moving three senior members off the team.
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Ukraine has mandated three US banks and one European firm to arrange its next Eurobond, which is expected to be the country's first standalone international bond since the start of the Crimea crisis.
