Morgan Stanley

Saudi Aramco’s hotly anticipated $12bn bond was priced yesterday with the fanfare investors had expected. Demand for the deal was so large that the sovereign rallied 20bp as the deal printed, but stated final orderbooks of $92bn are being questioned as two investors say only the 30 year tranche is still bid above re-offer. The leads disagree, though, with one saying he saw all the tranches above their pricing levels.

A varied menu of at least three Latin American borrowers could try to issue bonds on Wednesday, as the region’s issuance continues to catch up with last year’s numbers.

After issuing a £500m seven year bond in March, Glencore repeated the performance, this time in the euro market. It issued a €500m 7.5 year bond that achieved a similar book size and price tightening. Telecom Italia also issued for the second time this year, after losing its Fitch investment grade rating on Friday.

Saudi Aramco is making a splash with its bond market debut, gathering a staggering $85bn of orders for a six tranche deal expected to exceed $10bn.

Three Chinese property companies battled in the primary market on Monday with competing supply. While high yield issuers have been able to sell bonds at ultra-tight prices of late, the weight of supply has started to force issuer’s to pay more to borrow.

USJ Açucar e Alcool, the Brazilian sugar and ethanol company, is giving bondholders an extra two weeks to receive the early bird price in a debt exchange that Fitch says is likely needed to avoid default.

LG Chem, the chemical and battery producing arm of South Korean group LG, launched its first euro and dollar bonds this week, after a long sojourn in the won market. All three tranches, which were also green bonds, were heavily oversubscribed.

Bookrunners on Dubai-based payments company Network International will close books on the IPO a day early, and have increased the size of the offering, after receiving huge demand for stock.

Brazilian steel producer Companhia Siderúrgica Nacional (CSN) is hitting the road ahead of a proposed new issue, just a month after investors told GlobalCapital that an impressive rally in the company’s debt made it a strong candidate to tap bond markets.

The World Bank has launched a bond to highlight the challenge of plastic waste in oceans. Oceanic plastic waste has been the centre of debate this week after a pregnant sperm whale was washed ashore in Italy after dying from gastric shock from ingesting 22kg of plastic.

Shares in Takeaway.com, the Dutch online food ordering market place, rose as much as 3.1% on Friday after Morgan Stanley completed a €212m delta placement of the stock as part of a funded collar transaction with Delivery Hero.

The Republic of Panama is looking to deepen its local bond curve with its first Euroclearable domestic deal, with the small Central American country set to take an unusually prominent role in Latin American primary bond markets in the coming weeks.