Morgan Stanley
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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.
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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.
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China Great Wall Asset Management Co priced its first dollar bonds since May 2018, attracting investors amid subdued supply from the Chinese AMC sector.
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Wanda Sports Group has cut 38% off the size of its live US IPO, having reduced the stock on offer and trimmed price guidance as it confronts investors nervous over their unfamiliarity with the company.
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Impala Platinum Holdings, the South African platinum mining company this week completed a tender offer to convert its 2.25% June 2022 $250m convertible bonds into stock, with a high near full acceptance rate from bond holders.
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Greenko Energy Holdings found ample support for its $950m dual-tranche bond, thanks in part to the duration it offered investors, as well as the positive sentiment surrounding India.
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Brazilian airline Gol reopened its convertible bonds for a further $80m last week, taking advantage of a strong performance of its existing bonds and stock to achieve pricing that the CFO described as “fantastic” and leave the company in a position to continue its liability management.
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Piped city gas distributor and repeat issuer China Oil and Gas Group has nabbed $320m for refinancing, offering investors some diversity amid a burst of supply from high yield property names.
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The US high grade corporate bond new issue market went dark for two days this week, as corporate America skulked in earnings blackouts. Next week could be big, but it is likely to be a long, dry summer.
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Leaders of the big US investment banks were cautiously optimistic about upcoming investment banking activity, despite a poor second quarter across their capital markets divisions.
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