Morgan Stanley
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Wendel received €750m of cash up front, about 86% of shares’ pre-trade value -
Trade set to price at 5.4% discount as Wendel reduces stake
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Citi, HSBC, Morgan Stanley and RBC will pay fines, Deutsche gained immunity
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◆ Deal makes ‘good sense’ from an arb perspective ◆ First time out in sterling for more than a year ◆ £350m deal size larger than expected
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◆ Skinny new issue premium ◆ Deal 10 times covered ◆ Pricing with EU not a challenge
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Expanded roles for Shane, Dozin, Monge and Benedetto
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◆ Size on upper end of DMO's expectations ◆ Minimal new issue premium ◆ Gilt to be auctioned next month
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Two day execution brings bank successful start
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◆ Size was at upper end of recent range ◆ Book was over €30bn at one point ◆ Portuguese bonds still tight versus peers
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◆ Supra begins 2025 with back-to-back deals ◆ Book was huge at over €47bn ◆ Recent secondary tightening helps execution
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◆ First out of three Belgian euro syndications proved a hit ◆ Usual 2bp premium paid ◆ Italy to follow with potential €20bn deal
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◆ Joint largest size from non-UK public sector issuer ◆ ADB also raised £1bn ◆ Cross currency basis allows for sterling concession
