Morgan Stanley

BOC Aviation has begun investor education for its $2bn IPO in Hong Kong, with pre-marketing expected to continue into the early part of next week, said a source close to the transaction.

PQ Corp, the US inorganic chemicals producer, and Inovyn, the UK-headquartered chorvinyls producer — both partly owned by Ineos, the petrochemicals company — are marketing over $2bn of refinancing debt over the coming days.

The first quarter results of the major US firms show in detail just how painful the early volatility in the year has been, with double digit percentage point declines in multiple business lines.

European Central Bank president Mario Draghi kept his powder dry at his latest monetary policy meeting on Thursday, sending eurozone government bond yields higher — something that is likely to be welcomed in the offices of the European Stability Mechanism.

Books were several times oversubscribed and new issue premiums often dropped to zero this week, ahead of an ECB move that was widely expected — but everybody is aware that market backlashes do happen.

France’s largest property firm, Unibail-Rodamco, issued a €1bn dual tranche bond on Wednesday that included only the third 20 year corporate bond in euros this year.

BOC Aviation has made a successful landing with a new 10 year bond in 144A format, shrugging off concerns over its ownership change after a planned IPO this year.

BoC Aviation attracted a horde of investors to its first 10 year bond in 144A format ahead of a planned IPO in Hong Kong. While the proposed listing caused concern among some investors about the company's ownership, bankers on the deal say that the notes’ primary and secondary performance indicates they were in a minority. .

UBI Banca has begun marketing a tier two transaction, which will be the first capital sale from an Italian bank since January.

The Export-Import Bank of China (Chexim) attracted high quality non-Chinese bidders for its dual currency, triple tranche offering this week. The response shows that demand remains high for mainland credits despite concerns about the country’s growth.

Bond investors woke up to a pair of investment grade Asian issuers on Wednesday with the government of Malaysia seeking bids for a dual-tranche wakala sukuk and BoC Aviation looking to close a conventional 10 year.

Hong Kong-listed Samsonite International has wrapped up syndication of a $2.425bn loan for its acquisition of premium luggage maker Tumi.