Morgan Stanley
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Italy mandated banks on Monday to lead a syndicated dollar dual tranche comprising new three and 30 year bonds as the sovereign continues to build out a curve in the currency following its return to the dollar market in 2019. -
Chinese health insurance and healthcare crowdfunding platform Waterdrop has kicked off pre-deal investor education for its US listing, according to a source close to the IPO.
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Corporate bond issues came at a healthy clip in the US market this week, despite earnings blackouts, as investors showed a preference for highly rated paper.
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Bank of Cyprus and Nykredit, at opposite ends of the FIG ratings spectrum, issued tier two bonds over the last week and both found strong demand from investors for the extra spread the product offers over senior debt. But with bank capital ratios rising, there seems little appetite among other issuers to follow.
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Iberdrola, the Spanish utility, has signed a €2.5bn sustainability-linked loan, becoming the first Spanish company to use risk-free rates as a benchmark instead of Libor.
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The IPO of PolyPeptide, the Swiss pharmaceutical ingredients company, was covered on the first morning of bookbuilding on Wednesday, according to sources close to the deal.
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The controlling shareholder of Anta Sports Products has offloaded some of its stake through a HK$11.57bn ($1.49bn) block trade, capitalising on recent gains in the sportswear company’s stock.
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Nykredit Realkredit ended a six year absence from the tier two format in euros this week. With conditions for subordinated bond sales looking good despite looming blackouts, bankers feel now is the time for issuers to "go go go."
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Equate Petrochemical, the petrochemical producer part-owned by Kuwait, has laid plans to re-enter the international debt markets after less than a year since its last outing. The mandate comes just days after the IMF warned Kuwait to undergo fiscal consolidation after its economy shrank last year.
