Morgan Stanley

The Republic of Turkey broke new ground this week with its ¥100bn 10 year Samurai — the first JBIC guaranteed bonds that incorporate a principal-only guarantee.

China’s Honghua Group opened books for its debut international bond on Thursday. The oil rig maker is offering a five year non call three dollar bond.

Hong Kong insurer FWD issued its debut international bond on Wednesday, September 17. Offering a Reg S 10 year dollar deal capped at $325m, the borrower received an enthusiastic response and was able to price the paper without a new issue concession.

Investment banking fees in China have reached a record this year, so it is no wonder that banks have moved to ramp up their expertise in the country. Bank of America Merrill Lynch is the latest to strengthen its credentials, hiring Morgan Stanley veteran Alex To.

The Republic of Turkey priced its ¥100bn ($933m) 10 year Samurai at 29bp over yen swaps offer on Wednesday. The bond is guaranteed by Japan Bank for International Co-operation (JBIC) which enabled the country to make a substantial saving on where a new dollar or euro bond would have come.

Insurance company FWD opened books for its debut international bond on Wednesday, September 17. The Hong Kong-based borrower is selling a ten year Reg S dollar issue.

CGN Meiya Power Holdings opened books on September 16 for a HK$1.8bn ($231m) Hong Kong IPO, lining up a group of five cornerstone investors to take up around 35% of the deal ahead of launch.

The Republic of Turkey is set to price a ¥100bn 10 year Samurai at 29bp over yen swaps offer on Wednesday. The deal is backed by the Japan Bank for International Co-operation (JBIC).

China’s Alibaba Group has increased the price range of its New York IPO to $66-$68 after strong investor demand, as the company looks set to become the biggest US listing ever — and possibly the world’s largest IPO.

Hong Kong’s Sun Hung Kai (SHK) raised HK$1.008bn ($130m) through a top-up share placement on Friday, in a deal that saw demand worth more than $200m come in from investors.

Alibaba Group’s jumbo $21.13bn New York IPO is fully covered one week into the bookbuilding process, with the company now looking to close the deal ahead of the scheduled date. It is also considering selling the shares at higher level.

Allocations are out for Chinese real estate company Franshion Properties’ HK$4bn ($516m) three year dual currency loan that was launched in May to back plans for listing its hotel assets on the Hong Kong Stock Exchange. The deal took a while to close as the borrower’s sector was not a popular one among lenders, said bankers.