Morgan Stanley

China’s Liaoning Fangda Group Industrial Co and BlueFocus Communication Group Co are meeting investors this week for their first international bond offerings. Huarong Real Estate Co, meanwhile, will hit the road for a euro deal.

Toyota Motor Finance (China) has sealed a Rmb3bn ($452.7m) transaction in the Chinese asset-backed securities market — its second deal in the country this year. While the trade was wrapped up successfully, the issuer’s efforts to woo Bond Connect investors appeared to have been in vain, said sources.

A broad range of Chinese issuers have mandated banks to arrange roadshows in Hong Kong and Singapore early next week ahead of their dollar bond transactions.

Jianpu Technology appears to have made the right call to price its $180m IPO on the New York Stock Exchange below the initial range, after its shares traded up on their debut on Thursday.

UK debt collector Cabot Credit Management has abandoned its IPO on the London Stock Exchange, blaming unsupportive market conditions.

Borrowers and investors marched on in the European leveraged finance markets this week, pricing €1.5bn of high yield bonds while bankers have been able to tighten terms on new loan deals during syndication. Deals pulled earlier in the week in the US are already a fading memory.

Morgan Stanley’s SSA desk, which lost its head of SSA syndicate Andrew Salvoni to HSBC in August, has added a syndicate banker from Deutsche Bank.

Elis, the French laundry group, has raised €600m from 12 banks, in part to pay off the bridge facility it used to acquire UK rival Berendsen in the summer.

Chinese property company Xinyuan Real Estate Co raised $200m from a 2020 transaction on Wednesday, managing to price the deal in a difficult environment.

Shenzhen International Holdings and Tahoe Group Co have mandated banks to organise roadshows for new dollar bonds.

Energy company Talen Energy priced a new high yield bond on Tuesday, but the firm had to sweeten the deal with an extra year of non call protection for investors as sentiment remains shaky on US sub-investment grade debt.

Investors are keeping pace with heavy issuance in the European leveraged loan market, with ticket sizes increasing in response to a rush of jumbo sized loans this week, including a $2.4bn equivalent deal from Paysafe.