Morgan Stanley

Morocco’s sole international corporate bond issuer returned for its second ever benchmark deal this week. The firm found size and tight pricing, printing a $1bn 10.5 year note well inside its secondary curve, said bankers on the deal.

Moroccan fertilizer company OCP on Wednesday priced its second ever international bond deal just a few basis points back of its extrapolated curve, investors said.

China Cinda Asset Management was at the heart of two blocks within a span of just a few days, as shareholders UBS and Citic Capital Financial Holding trimmed their holdings amid an intense rally in the company’s share price.

Labco, the French medical diagnostics firm, published its intention to float in Paris on Wednesday and began investor education for an IPO that could be as large as €640m.

Moroccan fertilizer company OCP has released initial price guidance of 4.875% area for a 10.5 year dollar benchmark, offering around a 12.5bp new issue premium for the deal.

China Communications Construction Co (CCCC) made a successful debut in the international bond market on April 14 with a senior perpetual bond. Its rarity value, attractive pricing and great timing drew huge demand from investors, which allowed the issuer to achieve the lowest coupon for a senior dollar perp in Asia.

The Asian bond market is in full throttle this week with a flush of new issuance from mostly investment grade names. But the high yield sector was not to be outdone with Central China Real Estate printing a red hot $300m bond that was close to 12 times covered.

JP Morgan and Morgan Stanley yesterday successfully sold a 10% block of Spire Healthcare shares, only to see the stock fall 10% in trading today in what one lead banker called a “disappointing” outcome.

Of Monday night’s two other block trades, besides the sale of shares in Spire Healthcare, one went well and was increased, while the other – in Al Noor Hospitals, was not covered.

Abengoa, the Spanish engineering and renewable energy firm, on Thursday ticked the savings box with €375m of senior unsecured notes that achieved final terms below the 8.5% 2016 bond they are set to repay.

The FIG market could be set for a spate of issuance from the eurozone’s periphery in the coming weeks, with bankers tipping other financial institutions to follow Spanish pair CaixaBank and Ibercaja into the primary market.

Bahrain’s Ahli United Bank has mandated Goldman Sachs, HSBC and Morgan Stanley to arrange a tier one dollar bond.