Morgan Stanley
-
The fastest book build one syndicate banker has ever seen helped Endesa Chile to a first international bond in nearly two decades on Thursday as a universal tightening in LatAm credit entices borrowers from the region into the market at a rapid rate. -
Latin American issuers have been piling into the euro-denominated bond markets in unprecedented volumes this year, with Pemex the latest to take advantage of euro investors’ need for diversification and yield.
-
Uruguay-headquartered Navios South American Logistics returned to the capital markets on Tuesday and found strong demand among US high yield investors to price an eight year non call three bond to finance a liability management exercise.
-
Anglo American priced its first dollar bond for two years on Tuesday – only the third Yankee bond this year from a UK-headquartered issuer.
-
-
-
Greece vanquished fears that its return to the capital markets on Thursday could be a Trojan horse full of fast money, with a deal that attracted a majority of real money investors and more than 90% international participation. Around 600 accounts filled an over €20bn book in just one hour, causing one lead manager to declare the deal a “gold rush”.
-
Six bank and finance names raised $14.5bn in the space of three days, boasting bulging order books and minimal new issue concessions as investors scrambled for extra yield.
-
In what was an all-around impressive week for peripheral bank issuers, Allied Irish Banks and Italy’s Intesa Sanpaolo printed five year senior deals, proving investors are willing to go further out on the credit curve for longer in the search for yield.
-
The European Bank for Reconstruction and Development sold the only dollar benchmark of the week on Wednesday, in what could also be its only benchmark of 2014. The deal drew some criticism due to a tight spread, but is expected to perform well in the coming weeks.
-
Medium term note bankers have had some recent successes in their perennial struggle to convince companies of the benefits of the private placement market. Some borrowers are heeding the dealers’ advice, as investors are so desperate for anything rare they are willing to pay up.
-
Ronan McCullough, managing director, head of Asia Pacific debt capital markets and syndicate at Morgan Stanley, will move to the US with the bank later this year, according to sources.
