Morgan Stanley

Investment grade corporate bond issuance is all but becalmed, but the high yield market is bustling with activity, as a wide variety of companies bring deals, including several strategic capital raisings and M&A financings.

South Korean digital display manufacturer LG Display has bagged W813.6bn ($687.8m) from a convertible bond, according to a term sheet seen by GlobalCapital Asia.

The state of Israel returned to the yen market for the first time in 18 years this week to raise ¥15bn ($140m) of seven year debt. The private placement marks the state’s third visit to the capital markets in 2019 and its first non-euro trade of the year.

Rentenbank and Inter-American Development Bank hit the market for small taps of existing dollar debt on Tuesday, though some investors’ attentions are focused on this week’s US Federal Reserve meeting.

LG Display has hit the market with a convertible bond of up to $700m, according to a term sheet seen by GlobalCapital Asia.

Energie Baden-Wuerttemberg hit screens on Monday to sell a pair of green hybrid bonds, returning to the green bond market to follow up on its October 2018 debut.

Rentenbank and Inter-American Development Bank hit the market for small taps of existing dollar debt on Tuesday, dipping into the market before the US Federal Reserve cut rates for the first time since the financial crisis.

Chinese media company Wanda Sports Group has raised just $190.4m after pricing its Nasdaq listing below the marketed range, despite having already revised down the initial guidance and size of the IPO.

Investors poured orders into the only new issue on Friday, despite a softer backdrop in the corporate bond market. Repsol, a Spanish energy company, was more than six times subscribed for its €750m eight year note.

Chinese provincial government-owned Shandong Hi-Speed Group Co has pushed out its maturity profile with a $1.4bn dual-tranche transaction. It priced the senior perpetual tranche at the same level as some of its bigger state-owned peers, thanks to a six times covered order book.

Chinese drilling company Honghua Group raised $200m from a rare bond from an industrial company, attracting enough investors to cover the deal by more than six times.

Brazilian conglomerate Cosan returned to bond markets on Wednesday with a $750m 10 year non-call five year trade that bankers on the deal said landed close to fair value.