Morgan Stanley
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Corporate investors are increasingly restructuring their US dollar, offshore yuan target redemption forwards following the currency pair’s move higher to 6.20 this week, a key downside barrier many of the deals were structured with. -
Swiss travel agency Bravofly Rumbo launched a €120m IPO on Wednesday, as a run of IPOs jump in before the Easter break.
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Crossover credits ArcelorMittal and Fiat took advantage of a strong market to sell five and seven year euro benchmark bonds on Tuesday.
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The main shareholder in Monte dei Paschi di Siena sold a 12% stake in Italy's oldest bank on Tuesday.
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Mexican conglomerate Grupo Alfa, owner of two well known LatAm bond issuers Tenedora Nemak and Alpek, could sell its first dollar bond by the end of the week despite officially being on a non-deal roadshow.
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US listed Chinese social media company YY successfully priced a $400m equity-linked deal on its second attempt to access the convertible market, by relaxing the pricing terms and following in the footsteps of Vipshop to use Asian demand to build momentum.
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Norwegian shipping fuel provider OW Bunker is set to raise Dkr3.295bn ($614m) through a Copenhagen IPO launched on Monday.
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Italian carmaker Fiat joined the recent flurry of crossover issuers on Tuesday with a seven year speculative grade rated bond. The deal attracted strong demand of over €4.5bn, which allowed Fiat to issue €1bn.
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US listed Chinese social media company YY is back in the market with convertible bond after pulling a deal towards the end of last year, as it failed to attract enough investor interest.
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Plenty Gold Enterprises raised HK$1.12bn ($143m) after reducing its controlling stake in China’s Sihuan Pharmaceutical Holdings Group on March 17.
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Brazilian companies that would like to issue are likely to do so before the football World Cup begins on June 12, said DCM bankers focussed on the country after meatpacker Marfrig sold the first high yield bond of the year from the country late on Thursday.
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Internet giant Alibaba Group has hired six international banks for its US IPO, which could be worth more than $20bn, according to a banker close to the trade.
