Morgan Stanley

Tata Steel closed its first international bond on Thursday, July 24, as it looks to refinance loans from its 2008 acquisition of Corus. Despite pricing on a day when the Indian high yield sector saw $2.4bn of new issues, the trade nonetheless pulled in bids worth $9.1bn.

The UK Debt Management Office raised its largest ever book for an inflation linked syndication on Tuesday when it opened a new 2058 line, despite the deal coming as the summer holidays are in full swing in the UK. The syndication also marks the first time the DMO has printed an inflation linker at a negative real yield.

Chinese real estate developer KWG Property Holding made a successful return to the debt capital markets by printing a $400m bond after receiving an order book of $5.25bn.

China Merchants Bank (CMB) is to meet with investors a new bond. The trade will be issued by wholly owned subsidiary Airvessel Finance Holding in what would be its debut international bond.

Pork firm WH Group finally secured a place on the Hong Kong Stock Exchange with the closing of the retail tranche of its HK$15.9bn ($2.05bn) IPO on July 29. But even though leads Bank of China International and Morgan Stanley thought they had everything under control, institutional demand for the IPO was so great in the rapid bookbuild that investors tried to secure allocations through the retail offering, triggering a 10% clawback.

KWG Property Holding issued initial price guidance for a five year non call three bond on July 29, joining a slew of Chinese real estate names that has been tapping the debt market recently.

Pengai Hospital Management Corp, which operates cosmetic surgery treatment centres in China, is looking to debut on the Hong Kong Stock Exchange, having filed a preliminary prospectus for the listing.

China’s Greenland Holding Group will be meeting investors this week for a proposed dollar deal, following the establishment of a $2bn MTN programme.

Tata Steel raised $1.5bn with its inaugural transaction on Thursday, as it looks to refinance loans incurred as a result of its $13.1bn acquisition of Corus in 2008. Despite pricing on a day when almost $2.5bn of new issues was injected into the Indian high yield arena, the trade nonetheless pulled in bids worth $9.1bn.

Sino-Ocean Land made what one banker called a quasi-debut in the dollar market on Wednesday, pricing a five and 10 year dual trancher. Against a resilient market backdrop, the deal attracted $4.75bn in bids.

Singaporean packaging company Goodpack is seeking a loan worth $835m to fund its leveraged buyout by private equity firm KKR, and it aims to raise large chunk of the financing in the US.

WH Group finally opened the order book for its long awaited and much scrutinised IPO on July 23, with the deal barely recognisable from the company's earlier attempts to list. Having dragged on through two abortive efforts in April, weighed down by a syndicate of 29 banks and ultimately scuppered by the issuer's refusal to budge on valuation, the transaction that has been launched is intended to be short and sweet, writes Rev Hui.