Morgan Stanley

Singapore’s Temasek Holdings raised $1.35bn on Wednesday from the sale of a 10 year bond, proving that investors still have the appetite for longer tenors if the credit is right.

Telecommunications infrastructure giant China Tower found huge demand for its multi-billion-dollar IPO this week as it kicked off bookbuilding in Hong Kong. The deal is a counter-balance to a flood of technology listings in the market this year. Jonathan Breen reports.

Pinduoduo, one of China’s hottest technology start-ups, sealed its $1.6bn IPO at the top end as expected, but not all American Depository Share (ADS) listings were so lucky this week as investors remained on edge.

Ascletis Pharma priced its Hong Kong IPO in the middle of expectations on Wednesday, raising HK$3.1bn ($400m) from the city’s inaugural biotechnology offering.

China Fortune Land Co and Sunac China Holdings have closed new dollar bonds, following a pair of successful taps that proved the market is returning to form.

The European Stability Mechanism on Tuesday won huge demand for its first five year euro benchmark since October 2015, showcasing returning investor appetite in the short end of the curve.

Dongfeng Nissan Auto Finance enjoyed strong support from its traditional investor base — Chinese banks and onshore arms of Japanese banks — as it sold a Rmb4.5bn ($665.7m) securitization on July 19. The deal came as looser onshore liquidity gave banks more cash to buy ABS papers.

The European Stability Mechanism has appointed leads for its first five year euro benchmark in nearly three years.

Mainland telecommunications infrastructure giant China Tower hit the road on Monday to start drumming up interest in its HK$68.1bn ($8.7bn) IPO, according to a senior banker on the deal.

SF Holding Co grabbed $500m from its inaugural bond on Thursday, enticing investors with its high rating and scarcity value.

Management at Goldman Sachs and Morgan Stanley used second quarter earnings calls to reassure investors about their exposure to leveraged loans, under questioning from RBC Capital Markets’ Gerard Cassidy, as fears grow about leverage levels and weak covenants.

IHS Markit exploited the lull in high-grade supply to grab investor attention with its investment grade debut.