Morgan Stanley
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AusNet Services, the Australian power networks company, and Italian power company Enel earned rapturous responses from investors for euro hybrid capital bond issues this week, even though the trades followed a sell-off in riskier assets. -
Mamoura Diversified Global Holding, an Abu Dhabi sovereign investment vehicle, launched a euro bond on Thursday. Issuers with access to and a need for both currencies, investors said, will find a haven in the euro market while volatility in dollar yields continues.
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Europe’s high grade corporate investors had their pick of US risk on Wednesday, with a trio of names raising €5.2bn of debt across seven tranches.
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Enel, the Italian power and gas company, proved that demand still exists in euros for chunky hybrid debt with a €2.2bn dual tranche deal on Wednesday that saw more than three times oversubscription at peak demand and offered no new issue concession.
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Fixed income investors will have a chance to pick up unrated sustainable corporate bonds this week, as Belgian private equity firm Gimv has mandated banks.
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AusNet Services, the Australian power networks company, got a rapturous response from investors for its rare euro hybrid capital bond issue on Tuesday, as they are eager to buy subordinated debt, even though riskier assets sold off last week.
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Mamoura Diversified Global Holding, an Abu Dhabi sovereign investment vehicle, has mandated banks to sound out interest for a euro bond. The mandate follows a week of issuance in the currency from other CEEMEA borrowers.
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AusNet Services Holdings, the Australian energy company, was one of a handful of high grade corporate euro mandates announced on Monday morning, as syndicate bankers said that the volatility in the rates market means issuers will need to accept paying wider spreads.
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Trustpilot, the global review platform, has announced plans for an IPO on the London Stock Exchange, continuing the strong run of tech IPOs in Europe.
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Tuya, an internet-of-things cloud platform provider, is eyeing around $100m from an IPO of American depositary shares (ADS).
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A new special purpose acquisition company backed by Tidjane Thiam, the former CEO of Credit Suisse, has raised $300m from investors.
