Morgan Stanley

Russian lender Credit Bank of Moscow is pushing on with plans for a $500m IPO later in the year, hoping that Russian equities continue to improve after the disruption in January.

FIG investors continued to defy ratings agencies on Wednesday as they deemed two periphery credits more than worthy of investment in senior unsecured.

GazTransport & Technigaz's (GTT) €675m IPO was covered on Tuesday, the day after bookbuilding began. Bankers hoped the deal could capture demand as investors move towards defensive stocks.

Danish outsourcing firm ISS launched a $2.1bn-equivalent IPO on Tuesday, trying a listing again for the fourth time with reduced leverage ratios and better market conditions.

GTT began bookbuilding on a €675m IPO on Monday, hoping that it can capture demand as investors move into more defensive stocks.

Fast Retailing, the operator of popular Japanese clothing chain Uniqlo, is poised to list its Hong Kong Depositary Receipts on March 5, according to an exchange filing.

Real money accounts proved their increasing dedication to the additional tier one market, buying almost half of BBVA’s €1.5bn perpetual non-call five year deal on Tuesday. With many market participants fretting about idiosyncratic structures and a lack of pricing transparency in AT1 deals, BBVA’s trade has provided a useful benchmark for the euro market, said bankers.

FIG investors showed their appetite for riskier paper has not been dimmed in the slightest by recent market volatility, piling into BBVA’s second additional tier one outing — and its first to be denominated in euros — to push the books to €11bn.

Each year ASIAMONEY chooses the standout capital markets transaction from each major country in ex-Japan Asia. In Thailand BTS makes several records with the initial public offering of an infrastructure fund based upon the revenues of the Bangkok SkyTrain.

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The eurozone periphery passed the first real test of the robustness of its recovery with top marks this week, after an Italian public sector issuer brought a successful benchmark despite market volatility meaning the deal came a day later than expected. The fact that Cassa Depositi e Prestiti (CDP) was able to avoid a longer postponement on its plans to sell a first benchmark since 2011 is testament to the strength of demand for issuers in the region.

A storming rally for the eurozone periphery hit the skids this week for the first time in 2014, but SSA bankers were optimistic that the volatility on Tuesday, which caused one deal to be postponed, would not affect SSA supply.