Morgan Stanley

Panda bonds are finally coming back to life after a dire first half. But although all the conditions are in place for an issuance boom, there is reason to doubt quite how high volumes will go.

Waste-to-energy firm China Jinjiang Environment Holding Company (CJE) kicked off its debut dollar offering on Thursday morning.

Ivanhoé Cambridge, the Canadian real estate company that is the largest shareholder in Gecina, has sold 87% of its allocation of rights in the French property group's €1bn rights issue, through a block trade on Tuesday night.

The Province of Alberta on Wednesday passed its first bond market test since suffering a double downgrade from S&P in May. Bankers away from the trade said it was a “good outcome”, despite having to pay a bit of concession — unlike most other dollar deals over the last few weeks.

Chinese state-owned Sinochem International Corp and China Railway Group raised a combined $800m on Tuesday, with demand for high quality investment grade names reflected in the book sizes of the bonds.

Equity capital markets in Europe are beginning to wind down for the summer break, with just a handful of live deals left.

Gecina, the French real estate investment trust focused on residential, office and healthcare properties, will raise €1bn through a fully underwritten rights issue to partly refinance its acquisition of Eurosic.

Indian renewable energy firm Greenko Energy Holdings returned to the green debt market this week, printing a $1bn dual-tranche trade — Asia's largest dollar corporate green bond to date.

A relatively stable credit backdrop has encouraged a swathe of Asian issuers to tap the bond market this week, ensuring a blistering pace of issuance.

Morgan Stanley has hired a banker from Barclays to work in its FIG advisory team.

Nan Hai Corp is selling a bond backed by a standby letter of credit (SBLC) while ENN Energy is returning to the market after a three year hiatus. Meanwhile, waste-to-energy firm China Jinjiang Environment Holding Company (CJE) has mandated a lead for its deal.

Corporate bond issuance volume in Europe this week was lighter than previous weeks. However, there were still seven issuers that priced deals. The main difference this week was the size of deals. Nestlé’s €850m eight year transaction was the largest one to print, but most order books were still at least twice oversubscribed as investors showed little sign of slowing down for the summer.