Morgan Stanley

A tricky secondary market was unable to derail the new issue pipeline in senior this week, with new deals selling well even as their predecessors underperformed.

Hospital operator Mitra Keluarga Karyasehat has priced Indonesia’s largest IPO since 2011, raising Rph4.45tr ($338m) in a deal that investors piled into.

Malaysia’s state owned oil and gas company Petroliam Nasional (Petronas) broke records this week when it priced the largest G3 bond from a southeast Asian corporate. Choosing aggressive pricing over a bigger size, the issuer opted to settle for raising $5bn with the four tranche deal, lower than the expected size of $6bn-$7bn, writes Narae Kim.

Teva Pharmaceutical Industries kicks off investor meetings in Europe next week. The borrower is looking to issue its first euro denominated bond since 2012.

Hutchison Port, Central American Bank for Economic Integration and ICBCIL opened books for their respective bonds on Thursday, March 12, in what is looking to be a busy end of the week for the Asian debt capital markets.

Despite a very strong day for European stocks, with the Euro Stoxx 50 up 2.3%, no equity accelerated bookbuilds have been conducted tonight. The three deals yesterday all appeared to go well.

The starting gun has been fired for the long-awaited quasi-IPO of Finansbank. The National Bank of Greece, which owns almost all the Turkish bank, will sell some of its shares, though the $1bn deal will consist mainly of new capital.

Investors are seeing good value in the long dated tranches of a landmark $7bn four tranche bond and sukuk deal from Malaysia’s state oil and gas company Petroliam Nasional (Petronas), which opened books on Wednesday morning. If the issuer gets the trade away at its target size, the deal will be the second largest in dollars from Asia ex Japan.

Pengai Hospital Management Corp is targeting a Hong Kong IPO of $100m-$200m by the first half of this year, with the company refiling and updating its preliminary prospectus with the city’s stock market regulator.

Malaysia’s state oil company Petroliam Nasional (Petronas) has started taking orders for a four tranche dollar deal split between a five year sukuk alongside seven, 10 and 30 year conventional bonds. An investor said he was expecting a total size of $6bn-$7bn, making the deal potentially the second biggest G3 bond in Asia ex Japan after Alibaba's $8bn deal last year.

Ineos, the Swiss-registered chemical company, has cut pricing on its €1.4bn loan after increasing the facility, a move that investors seem to have taken in their stride.

Mitra Keluarga Karyasehat has priced Indonesia’s largest IPO since 2011, raising Rph4.45tr ($338m) in a deal that saw investors pile in to get their hands on the hospital operator’s stock.