Morgan Stanley

The green bond market has enjoyed one of the most remarkable weeks in its short life, with a series of deals that bankers say could help change the future of the market — and that all were priced roughly close to their issuers’ conventional curve.

FWD Life Insurance Company has made HK$1.09bn ($141m) by selling its entire stake in HKT Trust and HKT Limited, in a block that drew strong demand despite turbulent market conditions when the trade was launched.

State owned Korea Water Resources Corporation (K-water) has returned to the offshore debt market for the first time in nine years, pricing a $300m bond on October 8.

Unibail-Rodamco, the French property company, achieved tight pricing on its latest eight year euro issue thanks to strong demand from across continental Europe.

Two issuers completed intraday bonds on Tuesday, raising hopes of renewed activity in the primary high yield market, following a week in which not a single new deal was priced.

The much talked about Bank of China (BoC) additional tier one capital (AT1) transaction is finally taking shape, with Asian and European roadshows scheduled to begin on October 10, according to bankers on the trade.

The evolution of the green bond market took another big step forward this week as two of Europe’s biggest borrowers launched dollar benchmarks in green format for the first time — and another European agency prepared a second green bond in euros.

State-owned Korea Water Resources Corporation has returned to the offshore market following a nine year absence, setting final guidance at 110bp over Treasuries for the 3.5 year bond.

FWD Life Insurance Company has made HK$1.09bn ($141m) by selling its entire stake in HKT Trust and HKT Limited, in a block trade that saw strong demand despite turbulent market conditions overnight.

Mobile phone maker Xiaomi’s $1bn dual tranche loan has netted commitments from seven lenders that made it in time for the loan’s early bird deadline in general. These banks will earn an early bird fee of 15bp for getting commitments in by October 6.

Investors are pricing in fair value for additional tier one capital (AT1) preference shares for China’s big four banks at an average of 7.16%, according to a Morgan Stanley survey.

Technology companies GalaxyCore and M800 Group are mulling a listing on the Hong Kong Stock Exchange, as the market prepares for a busy rest of the year.