Morgan Stanley

Japanese brewer Suntory Holdings’ chances of pricing its first dollar bond are looking good with books for a $1bn dual tranche offering already covered by Asian investors on the afternoon of September 24.

Morgan Stanley is set to extend its euro curve on Tuesday afternoon, selling a long eight year benchmark, the only euro denominated senior deal so far this week. The trade is drawing good demand despite bankers expecting it to yield less than 2%.

Japan’s Suntory Holdings has mandated six banks for what would be the company’s inaugural dollar deal. The brewer and distiller is looking to make a dual tranche dollar issue.

Oil rig maker Honghua Group made its inaugural issue in international markets on Thursday. 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.

Alibaba Group’s mega IPO was always going to be a game changing deal. Nearly one year in the making, the $21.8bn listing has broken multiple records and put Chinese companies in the limelight. With its shares due to start trading on Friday, how the deal performs in secondary will affect equity markets far and wide, writes Rashmi Kumar.

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.