Morgan Stanley

CMB Financial Leasing Co has picked banks and is starting a roadshow this week for its debut international bond, in a sign that it's business as usual in Asia.

The crushing of recent Hong Kong IPOs in secondary and the anxiety it has caused among investors has led to much finger-pointing in the ECM fraternity. But to lay the blame squarely at the feet of a single bank or deal is hardly fair. In an IPO market strewn with casualties, everyone has to share the responsibility.

Zhou Hei Ya International Holdings Co raised HK$2.5bn ($321.8m) after pricing its Hong Kong IPO towards the bottom of the indicative range last Friday.

Europe’s largest laboratory services company, Synlab, on Friday shot a new bond into the European high yield market deal to repay all of its 2022 floating rate notes.

Government agency Specified Undertaking of the Unit Trust of India (Suuti) has offloaded a part of its stake in conglomerate Larsen & Toubro via an accelerated bookbuild, raising Rp19.8bn ($296.7m).

HNA Group affiliate Avolon Holdings has wrapped up a $8.5bn debt financing for the acquisition of the aircraft leasing business of CIT Group, with five lenders joining the trade.

PNB Housing Finance and Varun Beverages priced their respective IPOs in India at the top of the range this week, fetching Rp41.1bn ($616.9m) between them.

Invitations are out for a $300m three year borrowing for China ZhengTong Auto Services, a luxury auto dealership. Morgan Stanley is leading the deal, which can be increased in size based on the response.

Softer markets caught Central China Real Estate off guard this week, with the leads forced to increase pricing after launch to get its deal away. The deal highlights a shift in pricing for high yield property developers at a time when supply is set to increase, writes Addison Gong.

On Wednesday, UK financial software firm Misys pulled the $1.5bn refinancing it had been marketing as part of its planned IPO, having dropped the share sale last week.

Central China Real Estate wrapped up an unconventional two-day bookbuilding for its new bond on Tuesday. Investors had turned their backs to the original aggressive pricing, forcing the leads to price the deal 75bp higher than the initial guidance.

Colombia window manufacturer Tecnoglass began meeting bond buyers on Tuesday ahead of a potential dollar market debut.