Morgan Stanley

A Federal Open Markets Committee meeting and a holiday in much of Europe this week made opportunities for dollar benchmark issuance few and far between. World Bank leapt into the narrow window with an unusual dual tranche deal that seared its curve and attracted enough demand for the issuer to increase it from its target size.

Wheelock & Co made a return to the dollar market on Wednesday, pricing its first bond since March 2013. The Hong Kong real estate company was met with strong demand and it was able to price flat to its existing curve.

The market for European financial institutions' subordinated debt took off on Thursday, defying expectations that the holiday in Europe would put a damper on issuance for the week, as Legal & General, Société Générale and Coventry Building Society came to market with deals.

Jinmao Investments and Jinmao (China) Investments Holdings, a business trust carved out of Hong Kong-listed Franshion properties, started bookbuilding for a HK$3.39bn ($437m) IPO on Monday, offering prospective investors yields as high as 9%.

Chinese car dealer Baoxin Auto Group got into gear for its $150m three year term loan on Wednesday, pricing the deal at 370bp over dollar Libor.

Aluminium manufacturer China Hongqiao, opened books for its international debut on Thursday, with a three year dollar bond that is considered groundbreaking because of the rarity of the sector.

Alibaba revealed the identities of its much-hyped 27-person partnership on Monday, as the pieces finally start to come together for what is one of the most keenly anticipated IPOs of the year.

Property developer Yida China Holdings launched bookbuilding for its HK$1.68bn ($217m) IPO on Monday as it aims to list by the end of the month.

Commercial Bank of Qatar priced its first dollar deal in more than two years flat to its existing curve on Tuesday after attracting more than $3bn of demand.

The established order is profiting from a sharp rebound in French M&A volumes. Those playing catch-up may not be so lucky, writes David Rothnie.

Chinese car dealer Baoxin Auto Group got into gear for its $150m three year term loan on Wednesday, June 18, pricing the deal at 370bp over dollar Libor.

Hong Kong’s Wheelock and Co is back in the dollar market with an unrated three year bond.