Morgan Stanley

The senior FIG market enjoyed a barnstorming week in euros. A combination of a positive market tone following last week’s European Central Bank meeting and high levels of cash at investment houses allowed issuers to rack up large order books while pricing at competitive levels.

The investment grade market was a story of the haves and have-nots as investors showed signs of fatigue amid a deluge of supply.

China's Alibaba Group has thrown open its long awaited $21.13bn New York IPO, with a deal that is likely to be not only the biggest US listing ever but could also break the record for the biggest IPO globally.

Pelindo III eyes maiden dollar bond — Indonesia's MPM seeks debut — Tata Comms looks to tackle dollar inaugural — FWD picks five for roadshows — IFC mandates three for dim sum — Honghua seeks international debut

Emirates NBD sold a $500m perpetual bond on Wednesday. The bond priced flat to the borrower’s existing Basel II compliant note. However, bankers away from the deal said that it looked to have struggled throughout the execution process.

Oil rig maker Honghua Group is looking to make a debut in international markets. The Chinese company will be kicking off investor meetings for a proposed Reg S/144A dollar offering this week.

The Republic of Turkey firmed price guidance for its 10 year JBIC-backed Samurai at 27bp-31bp over yen swaps on Tuesday morning.

Emirates NBD announced on Tuesday a new tier one perpetual offering. However, the bond will not be Basel III compliant and therefore will not have a point of non-viability (PONV) feature.

Transurban Group, the Melbourne-based toll roads group, brought its European roadshow last week to fruition on Monday with a €600m bond issue that was a bigger blowout than it could have dreamt of.

The heavy flow of European corporate bond issues that bankers have been predicting for September began in earnest today, showing that the market’s strength has been no idle boast. Investors swallowed five roadshowed deals in euros and sterling and Vodafone launched a two tranche issue without warning. All were gobbled down with ease.

Macquarie and Zurich Insurance kicked off what is expected to be a busy week for senior issuance on Monday as issuers looked to take advantage of positive sentiment following last week's European Central Bank meeting. Zurich was able to draw together a comfortably oversubscribed book, while Macquarie printed with only a small new issue premium compared to secondary paper.

The subordinated debt market for European financials was back in full swing with four deals out on Monday morning boosted by the European Central Bank's policy decisions made last week.