Morgan Stanley
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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. -
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.
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The Asian Infrastructure Investment Bank issued its second bond in Indian rupees via a private placement this week. Elsewhere, as rates rise, MTN dealers are finding attractive opportunities in other key Asian markets.
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Two Chinese property companies seized the market window on Thursday to raise a combined $802m from the bond market.
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Serbia and Croatia issued euro-denominated bonds this week. Market participants said the deals showed there was strong appetite for the right kind of sovereign credits.
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Non-European names hit the euro market this week with a trio of US companies and Japan’s Nippon Telegraph & Telephone Corp (NTT) raising debt. But syndicate bankers say rising US rates are still way off the sweet spot that would make the euro market irresistible for all Reverse Yankee issuers.
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EasyJet, the UK budget airline, avoided any turbulence on its return to the bond market on Wednesday, managing to land a €1.2bn deal with no new issue premium that was almost five times oversubscribed.
