Morgan Stanley

Thailand’s IPO market got a boost this week with SCG Packaging launching what is set to be the country’s largest listing since Covid-19 hit earlier this year. International and local investors have already swamped the deal, which is expected to raise up to Bt39.5bn ($1.25bn), writes Jonathan Breen.

JP Morgan and Morgan Stanley’s positions at the top of the UK corporate broking rankings have undoubtedly helped their equity capital markets businesses, but Goldman Sachs stands out for its disruptive approach, writes David Rothnie.

Chinese companies Chindata Group Holdings and Yalla Group have kicked off their US IPOs, testing investor appetite at a time when sentiment is weak and major equity markets have taken a hit.

The UK rode out renewed fears of the resurgent coronavirus pandemic on Tuesday, printing its second syndicated deal of the month with an order book over seven times covered.

SCG Packaging is set to begin investor presentations for its up to Bt39.5bn ($1.26bn) IPO, which will be Thailand’s second largest listing in 2020.

Rabobank has issued its largest green bond, a day after publishing a new Sustainable Funding Framework that will enable it to print debt in four different green and social flavours — a structure it hopes will give investors more clarity.

Bond sales from Chinese issuers continued unabated on Thursday despite heavy supply in the first half of the week, with firms raising a combined $1.1bn from the debt market.

Caisse d’Amortissement de la Dette Sociale (Cades) and the International Development Association set new size records this week, with the former bringing the biggest ever social bond in dollars and the latter issuing its biggest ever bond since entering the capital markets in 2018.

Amadeus IT group, the Spanish travel technology company, and German logistics company Kion Group offered corporate bond investors the chance to pick up riskier debt on Thursday, as the demand for higher yielding securities drives large parts of the primary market.

Bangkok Bank sold its first Basel III-compliant additional tier one dollar bond on Tuesday, making it a rare bank capital offering from Thailand.

Chinese hospitality company Huazhu Group is on track to raise around HK$6.06bn ($781.8m) from its secondary offering in Hong Kong, after sending price guidance to investors.

French agency Cades and the International Development Association returned to the dollar market for the first time since the summer break on Tuesday to bring a pair of five year socially responsible deals.