Morgan Stanley

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.

UK challenger bank Virgin Money Holdings is set to return to the additional tier one (AT1) market, as it looks to entice investors during a quiet week for new issuance.

Central China Real Estate has extended bookbuilding for its bond by one day after experiencing lukewarm demand. A combination of a volatile market backdrop, the company’s weakened financial performance and overly ambitious price guidance put investors off from committing.

Central China Real Estate is looking to raise dollar funding to mainly refinance Singapore dollar notes sold in 2014.

China’s United Photovoltaics Group is considering selling a new dollar bond and has mandated two leads to run its transaction.

Interoute, the UK data networks and centres company, has scheduled bank meetings for Monday in London for a €250m seven year term loan ‘B’, to refinance floating rate notes issued last year. Exterion Media has also closed a £150m div recap loan.

PNB Housing Finance is set to price its Rp30bn ($450m) IPO in India at the top of the expected range after investors piled into the trade, allowing it to wrap up with books 30x covered.

Zhou Hei Ya International Holdings Co is looking to raise HK$3.31bn ($427m) via a Hong Kong IPO, launching the trade on Thursday.