Morgan Stanley

French construction company Vinci took advantage of a lull in supply and favourable financing conditions to make its long-awaited dollar market debut.

Smaller financial institution issuers have been welcomed back to the European bond market in recent weeks, after their hopes of raising deeply subordinated capital were dashed by turbulent market conditions in late 2018. But they are not taking chances this time, seeking comfort in using the support of just one investment bank rather than a group of bookrunners.

Indications of interest for Saudi Aramco’s planned bond issue were understood to have topped $15bn on Thursday morning in London, with three days left of the roadshow still to run. Contrary to press reports, investors have been told on the roadshow that the cash raised will not be used directly to fund the acquisition of Saudi Basic Industries Corp, as that is not expected to take place for another six to 12 months, writes Francesca Young.

Shares in Medacta Group, the Swiss maker of orthopaedic devices controlled by the Siccardi family, rose in the aftermarket on Thursday morning after a popular Sfr547m IPO that has been described as “textbook” by a banker at one of the global coordinators.

Future Land Development Holdings’ new dollar bond crashed in the secondary market on Thursday, following an aggressively priced deal the day before. Rival bankers questioned both Future Land's pricing and the timing.

Tencent Holdings this week sold the largest dollar bond by an Asian issuer in more than a year, offering a five tranche deal that spanned five to 30 year maturities. In doing so, it also managed to achieve one of the flattest 10-30 year curves for a technology company new issue, writes Addison Gong.

Mongolian Mining Corp raised $440m with a new 2024 bond this week, in a sale that ran in tandem with a tender offer for the coking coal producer’s two existing dollar bonds.

Indications of interest for Saudi Aramco’s bond are understood to have hit over $15bn, with the roadshow not finishing until Monday April 8.

Mauritius Commercial Bank has raised a new dual tranche $800m loan after receiving commitments of over $1bn. The deal was welcomed by bankers as one of the few new money financings in the market.

Streaming platform Bilibili pulled off a combined convertible bond and American Depository Share (ADS) placement this week, raking in $737.4m after the fundraising was increased following strong Asian demand. The deal comes just a week after its larger peer iQiyi sold a record ADS convertible. Jonathan Breen reports.

Hong Kong’s AIA Group looked to the US market for its latest $1bn bond sale on Tuesday.

BOC Aviation sold its second dollar bond of the year on Tuesday, snapping up $750m from the sale of a 5.5 year trade, after raising $500m from a five year bullet in January.