Morgan Stanley

Brazilian low cost airline GOL has mandated five banks to arrange a new bond in conjunction with the tender offer for its 7.5% 2017s, 9.25% 2020s and 10.75% 2023s.

Fixed income investors were more than happy to see the return of Bank of Tokyo-Mitsubishi UFJ on September 2, tabling more than $14bn of orders for the $4.5bn five tranche offering. The blowout transaction was the second of the year for BTMU, replicating a structure that worked out well for it six months ago.

The Bank of Tokyo-Mitsubishi UFJ (BTMU) is back in the market with its second mammoth multi-tranche offering of the year.

Emirates NBD has announced a roadshow for a perpetual tier one bond. But the bond will not be structured with the aim of being Basel III complaint, which sparked debate among bankers on and off the deal.

E-commerce firm Alibaba Group, which was expected to open books for a jumbo IPO on September 2, has decided to push back bookbuilding by a week. This is bad news for other issuers sitting on the sidelines as they will have to wait slightly longer before they go ahead with their own listings.

Chinese private equity firm Hony Capital sold a HK$4.095bn ($528m) stake in CSPC Pharmaceutical Group on August 28 by pricing at the bottom of guidance in what was its fourth stake reduction in the company in 16 months.

Mergers and acquisitions are set to be an important driver of corporate bond issuance this autumn. Deal mandates are already building up — in fact, M&A is the driver for virtually all the deals that have yet appeared in Europe’s corporate bond pipeline this season.

The Republic of Turkey has mandated four banks and scheduled investor meetings for next week with a view to selling a Samurai bond. The market is on the verge of a record year, with Samurai issuance already almost level with the full year 2013.

China Metallurgical Group Corporation (MCC) priced its second dollar bond of the year on August 21. The borrower again opted for a standby letter of credit (SBLC) backed three year issue after seeing striking success in its first outing with the structure.

China Orient Asset Management made a blockbuster return to the dollar market on August 27, attracting $10bn of bids for its dual tranche issue. The enthusiastic investor response is a reflection of the progress that China’s toxic asset management sector has made in G3 bond markets since China Orient brought the sector’s first offering in September 2013.

The names have emerged of the 16 lenders that have signed up to the $1bn dual tranche loan from mobile phone company Xiaomi ahead of its launch into general syndication next week. Including the three original bookrunners and mandated lead arrangers, the total number of banks at the top level could swell to 20 as one more lender processes its approval.

E-commerce giant Alibaba Group has signed a $3bn revolving facility with four lenders, just days before it starts premarketing its IPO.