Morgan Stanley

Jinchuan Group priced its debut international bond, a three CNH issue, on July 10. The 4.75% bonds were reoffered at 99.724% to yield 4.85%, and the deal was the first time a regional state owned enterprise (SOE) had tapped the offshore RMB market via China’s National Development and Reform Commission (NDRC) quota system.

OTE, the Hellenic Telecommunications Organisation, was tempted back to the bond market this week by the remarkably strong rally in its debt, to buy back €500m of old bonds and issue €700m of new ones.

Emerging market bond investors say they are finding little value in investment grade Chilean corporates after power transmission company Transelec continued LatAm’s lengthening run of blowouts with a $375m deal sold inside its existing — admittedly illiquid — bond.

Banco Popular Español postponed a sale of its second additional tier one (AT1) deal after launching the deal into a sell-off in the AT1 market that became progressively worse over the course of the morning. The Spanish bank was looking to issue the transaction at a level market participants said was surprisingly aggressive.

Development bank Corporación Financiera de Desarrollo (Cofide) took advantage of a strong bid for Peru after the sovereign’s newly attained A3 rating from Moody’s to price senior unsecured and subordinated tier two bonds that mean it is unlikely to have to raise new capital for at least three years.

One of the biggest ECM failures of recent times is back on the agenda. Less than three months after Chinese pork producer WH Group had to scrap its downsized IPO amid widespread criticism of a bloated syndicate and the issuer's reluctance to accept investor views on valuation, two banks are looking to push through a quicker, cheaper deal, write Rashmi Kumar and Rev Hui.

Jinchuan Group opened books for a three year offshore renminbi bond with initial guidance at 5.05% area on Thursday morning. The deal marks the first time a regional state owned enterprise (SOE) has tapped the offshore RMB market via China’s National Development and Reform Commission (NDRC) quota system.

Banco Popular Español postponed the sale of its second additional tier one (AT1) deal after launching the deal into a sell-off in the AT1 market that became progressively worse over the course of the morning. The Spanish bank was looking to sell the transaction at a level market participants said was surprisingly aggressive.

Whipping boy status is an entirely new concept for Brazil on the football pitch after the host’s shock 7-1 defeat to Germany in the Fifa World Cup. But in the capital markets the nation’s issuers have had been used to harsh treatment from investors as economic growth stumbles for some time. But the latter could be about to change.

Bankers hailed the timing of Peruvian development bank Corporación Financiera de Desarrollo (Cofide) after the government owned lender snatched at the chance to print blowout five year senior and 15 year Tier two subordinated bonds on Tuesday afternoon.

Following its successful $2.1bn flotation last week — the biggest European intial public offering this year — NN Group is set to sell a subordinated perpetual non-call 12 year debt that will rank pari passu with the 4.625% €1bn 30 year non-call 10 transaction that the insurance company sold in April.

Investors expect Peru’s government owned development bank Corporación Financiera de Desarrolly (Cofide) to attract heavy demand for a dual-tranche bond issue expected to be priced on Tuesday. Moody’s two notch upgrade of the Peruvian sovereign will only help drive interest, added market participants.