Morgan Stanley

GS Caltex returned to the dollar market on Wednesday with a five year bond that was priced inside the issuer’s existing curve on the back of strong investor appetite for Korean credits.

Water purification firm Ozner Water International Holding raised HK$1.24bn ($147m) on June 11, pricing its Hong Kong IPO at the top of guidance thanks to overwhelming demand from institutional and retail investors. But the downside to the strong showing is that lots of bids will be crossed out.

Sovereign, supranational and agency bankers are braced for a busy week of issuance, as demand for paper soars in the wake of the European Central Bank’s unveiling of a series of measures which have butchered rates last Thursday.

Hong Kong Huafa Investment unveiled its debut offshore renminbi bond on Wednesday. The three year issue is the second dim sum transaction this month to be backed by a standby letter of credit (SBLC).

GS Caltex Corp has opened guidance on a five year fixed rate bond and joins a number of Korean names in the market today bond issuance continues to ramp up.

Metallurgical Corporation of China (MCC) priced a $500m three year bond on Monday. Unlike with its debut dollar deal in July 2011, the state owned company opted to back the issue with a standby letter of credit (SBLC) from Bank of China London branch in order to lower its funding costs.

Books for Emaar Malls Group’s 10 year benchmark sukuk have already passed $2bn with roadshows still underway, after the company gave initial price thoughts on Tuesday of 200bp area over mid-swaps.

US vehicle parts maker Gates Corp has issued price guidance for the €200m tranche of a first lien loan that will back its buyout by Blackstone.

Mobile network operator Idea Cellular raised Rs30bn ($507m) on June 6 in what was the third largest ECM trade in India so far this year.

Dalian based real estate developer Yida Property is set to start the premarketing process for a $250m IPO on June 10, according to a banker close to the transaction.

Metallurgical Corporation of China (MCC) opened the books on its dollar return on Monday. The standby letter of credit (SBLC) backed issue will be the state owned company’s first transaction in the market since July 2011.

Mobile network operator Idea Cellular launched a Rs30bn ($507m) primary placement on June 6 in what could be the third largest ECM trade in India so far this year.