Morgan Stanley

Seven Energy made a successful comeback in testing conditions on Thursday. While it certainly paid for the privilege, having already secured strong anchor orders before proceeding, the trade signals that the miserable high yield market may be improving.

Seven Energy is about to make it second time lucky, as it readies to price a seven year non-call four offering on Thursday.

Nigerian oil and gas firm, Seven Energy is out with guidance for its comeback bond. The leads have set a wider guidance than was offered in July, when the borrower had to abort a deal, and will be hoping that the poor performance of this week’s markets doesn’t blight its return.

CGN Meiya Power Holdings has raised HK$1.76bn ($228m) from its Hong Kong IPO by pricing the deal close to the top of the price range. An overwhelming response from retail investors meant the company ended up triggering the maximum clawback option available.

The expected wave of merger and acquisition financings broke on the US corporate bond market this week, as Roche and Sysco made triumphant returns while Suntory Holdings issued its first US bond.

Rentenbank

Dollar demand for sovereign, supranational and agency names made its first signs of slowing this week, as one benchmark fell short of full subscription and other deals, while still oversubscribed, showed signs of demand being less exuberant than in the first weeks after the summer break.

Expectations of low supply in the remaining part of the year and a hunger for yield benefited FIG issuers this week. Barclays, Credit Suisse, Goldman Sachs and Morgan Stanley all received strong receptions for new senior prints.

Nigerian oil and gas firm Seven Energy is returning to the bond market after postponing a deal in late July, this time in a stronger position with commitments from two supranationals. It bodes well for a deal that a pack of prospective Africa corporate borrowers will be watching carefully, said bankers on the deal.

After slipping in the first two days of this week, Alibaba Group’s shares rebounded on Wednesday to close at $90.57 per share. While this is up 3.9% on the previous day, it is still 2% lower than where the Chinese e-commerce company's stock opened on its debut on the New York Stock Exchange last week to become the largest IPO in the US.

Oil rig maker Honghua Group made its inaugural issue in international markets on Thursday, September 18. Having opted for the Reg S /144A format to tap into the US investor base, the Chinese company pulled in an impressive $1.4bn order book for the $200m five year non call paper.

Japanese brewer Suntory Holdings left a solid footprint in the dollar market with its inaugural issue on Wednesday. With books for the RegS/144A $1bn dual tranche issue already covered during Asia trading hours, dealers proceeded to push final pricing 20bp tighter than where investor feedback came in.