Morgan Stanley

World Bank surprised some market participants by announcing a five year dollar benchmark shortly after the Federal Reserve slashed rates in response to the Covid-19 coronavirus outbreak, but before the details of the Fed's plans were unveiled at a press conference.

Korian, a French owner and operator of care homes, issued a new €400m seven year convertible bond on Tuesday, as equities rallied on hopes of central bank stimulus to combat the economic cost of the Covid-19 corona virus outbreak.

Chinese biotechnology company InnoCare Pharma has won final approval for its Hong Kong IPO. The next step is marketing the deal, after delayed investor meetings in February.

Hamburg Commercial Bank will no longer visit Milan on the roadshow for its new tier two bond, with parts of northern Italy having been locked down to contain the spread of Covid-19. But issuers and investors are still managing to get on with their business amid the mounting chaos.

Omani gas transportation company, Oman Gas Co, a branch of state-owned Oman Oil Co, has sold an $800m credit facility to local lenders.

Bank of Communications Financial Leasing Co (BoCom Leasing) found strong support from investors for its $800m dual-tranche floating-rate deal on Monday, thanks to its status as a defensive credit in a volatile market.

The European Stability Mechanism has requested its primary dealers or ‘market group banks’ to set up entities within the 27 member states of the European Union in order for them to participate in bond auctions by the supranational and its sister issuer, the European Financial Stability Facility.

ING was praised for pricing a coupon of 4.875% in what was the only financial institution trade of the week in the euro market. The lender had to brave much tougher market conditions in its second attempt at this bond issue, having pulled its first attempt amid news of its chief executive jumping ship.

Investors flocked to Indian credits on Thursday, as UPL Corp and Muthoot Finance sealed new dollar bonds in a busy market.

BMW Automotive Finance’s Rmb8bn ($1.14bn) dual-tranche return to the Chinese auto ABS market this week was a success. The tight pricing is expected to allow other issuers to also lower their coupons, said bankers on the deal.

JP Morgan grabbed the record for the lowest yielding preferred security issue this week, as investors continued to pour cash into the asset class.

BNP Paribas this week set a new record low for an additional tier one (AT1) coupon issued from a European bank in the dollar market, raising $1.75bn amid heady demand for the product. Iceland’s Arion Bank was also in the market, chipping in with a $100m deal ahead of beneficial domestic tax changes.