Morgan Stanley

High-grade dollar bond supply continued to flow with a flurry of smaller deals this week but bankers see little to cheer about as a disappointing first quarter drew to a close.

China’s GreenTree Hospitality Group had to navigate a tough market this week to wrap up its US IPO as volatility spiked and its closest comparable tanked in the secondary market. To pull off its float, the issuer had no choice but to concede on price and size, writes Jonathan Breen.

AIA Group wrapped up a swift deal during New York hours on Tuesday, taking advantage of the ample liquidity in the US market and investors’ appetite for longer tenors. The life insurance company’s $500m deal outperformed most recent trades — both in the primary and secondary markets.

China Grand Automotive Services Co and Poly Property Group raised $300m and $350m, respectively, on Tuesday, squeezing through a narrow window before the Hong Kong market closes for a four-day break.

Michelin, the French tire maker, has had a £1.2bn ($1.96bn) bridge loan underwritten and arranged by Morgan Stanley to finance its purchase of UK industrial belting manufacturer Fenner.

Michelin, the French tyre maker, has got a £1.2bn bridge loan underwritten and arranged by Morgan Stanley to finance its purchase of UK industrial belting manufacturer Fenner.

Saudi Arabia has had to scale back banks grappling to get on its $16bn loan, which will be used to refinance a $10bn loan taken out in 2016.

Chinese hotel operator GreenTree Hospitality Group has sliced its $349.2m IPO of American Depositary Shares (ADS) to just over half the original size.

The pipeline of high yield deals from German real estate borrowers is finally building up after more than two years of work with underwriters and lawyers. A new €300m bond from Corestate should pave the way for more players to shift their funding from bank loans to bonds, said market participants.

A jaw-dropping $20bn of investor orders poured in for Naspers’s overnight share sale in Hong Kong-listed Tencent Holdings, in a deal one banker summed up as "a huge success, and a landmark for all involved".

French engineering consultancy Altran has set the term on its €750m rights issue to finance its acquisition of US global design and engineering company Aricent.

Three issuers broke the brief new issue hiatus in the CEEMEA market on Thursday, all starting with wide levels to tempt investors into their books.