Morgan Stanley has won five mandates from Punch Taverns, which bid £2.7bn (€3.9bn) for rival UK pub group Spirit today. The bank is sole adviser, corporate broker, and is arranging the three parts of the financing package: a £1.25bn bridging loan, a £275m convertible bond and a £75m equity offering.

It is the first time the US investment bank has worked as an M&A adviser or on equity capital markets deals for Punch.