Morgan Stanley

It was a moderate week for supply in the primary euro public sector bond market but the issuers that did come found ample demand, setting up a decent backdrop for the expected arrival of the European Union’s big borrowing programme next week.

The leading US investment banks raked in fees from equity origination in the third quarter, with Goldman Sachs, Morgan Stanley and Bank of America all doubling their ECM revenues year-on-year.

Enel, the Italian energy company, printed the first sustainability-linked bond in sterling this week well through its curve, sparking expectations of far wider issuance in the still fledgling market.

Austria built a large order book as it came to the market for its final syndication of the year on Thursday, ahead of the expected arrival of the European Union as a mega borrower next week.

The Council of Europe Development Bank (CEB) took advantage of a strong market on Wednesday to issue its first ever benchmark transaction for pre-funding purposes.

Four bond issuers from Greater China followed the Chinese ministry of finance into the dollar market on Wednesday, snapping up $1.4bn between them.

The Republic of Austria picked banks to lead a new 20 year euro benchmark on Wednesday, while the European Stability Mechanism surprised some market participants by sounding out banks for a deal next week, which could clash with the EU’s grand arrival as a supersized issuer.

Enel, the Italian energy company, proved that there is sterling demand for sustainability-linked bonds on Tuesday, with the borrower repeating its achievement in dollars and euros by creating the market in the currency.

Caisse d’Amortissement de la Dette Sociale (Cades) will add a new point on its dollar social bond curve with a 10 year trade on Wednesday, where it will be joined by two other public sector issuers in the currency.

Simcere Pharmaceutical Group has begun its Hong Kong listing, opening books for the up-to HK$3.57bn ($460.6m) deal.

Enel, the Italian power and gas company, is set to push the nascent sustainability-linked bond market to a new currency this week after the company mandated for the first deal in the format in sterling.

Chinese property managers Shimao Services Holdings and KWG Living Group Holdings have kicked off pre-deal investor education for a pair of Hong Kong listings.