Morgan Stanley

Chinese property management firm Sunac Services has priced its Hong Kong IPO at the middle of guidance, bagging HK$8bn ($1.03bn), according to a source close to the deal.

Marcelo Delmar, a veteran of Latin American bond markets, has joined Morgan Stanley’s debt capital markets team in New York, GlobalCapital understands.

Issuers are winding down their funding programmes before the end of the year and several smaller SSAs have turned to MTNs to complete the little they have left to do. The big deals of the week, however, came from corporates, with Volkswagen and Eurogrid coming in at opposite ends of the curve.

A flurry of Chinese corporations rushed to the dollar bond market on Wednesday, raising a total of $1.19bn between them.

Emerging market issuers have crept back into the small issuance window in international markets after a brief pause for the US elections, with Dubai Islamic Bank and Uzbekistan’s Ipoteka Bank issuing dollar-denominated bonds this week.

Hamburg Commercial Bank will no longer proceed with its planned tier two bond, having already attempted twice this year to bring one to the market. Its focus is now turning to issuing senior non-preferred and additional tier one (AT1) paper.

Chinese property manager Sunac Services Holdings has hit the road for its Hong Kong listing, eyeing HK$8.7bn ($1.1bn) in fresh equity.

Trainline, the UK train ticket booking company, has warned that there is a risk of a covenant breach on its £350m revolving credit facility, despite lenders already agreeing not to test the covenant until August 2021.

Chinese video-sharing platform Kuaishou Technology is planning to float in Hong Kong, having filed a draft prospectus with the city’s stock exchange.

BP, the UK oil company, has appointed Niamh Staunton, a former Morgan Stanley banker, as its group treasurer, GlobalCapital understands.

Zhaoheng Hydropower (Hong Kong) has missed a payment on a 2017 dollar loan. It had extended the maturity on that deal earlier this year.

Chinese biopharmaceutical firm RemeGen has raised HK$3.99bn ($514.7m) after pricing its IPO at the top of the marketed range, according to a source familiar with the matter.