Morgan Stanley

Joyful Horizon, an affiliate of Chinese private equity firm Hony Capital, sold HK$3.75bn ($484m) worth of shares in CSPC Pharmaceutical Group on May 26.

Sinotrans will be meeting with investors for a proposed offshore renminbi bond as the borrower looks to sell its second deal in the market after making its debut 2011.

French insurer CNP Assurances highlighted the scale of demand for sub debt from insurance companies on Tuesday, drawing a monster order book for its first deal in almost a year.

América Móvil could bring its long awaited tap of its global local Mexican peso bonds shortly after mandating banks for a roadshow, though the bluechip telecoms company will face some investors unhappy that liquidity in the innovative instrument has not materialised as promised.

Following a failed attempt to list on the Nasdaq two years ago, China Auto Rental (CAR) is looking to go public once again. But instead of trying to tap the US for funding, the Beijing-based company is now driving for a Hong Kong listing having filed its application to the city’s regulator on May 22.

Ecopetrol’s corporate finance head expressed delight to GlobalCapital after the oil company timed it right to sell the longest ever bond from a Colombian borrower. Further evidence of the benign conditions for Latin American issuers came with a blow-out for Mexico’s ICA as bankers debated whether the bond market rally is nearing its peak.

Rating: Aa1/AA/AA+

Storming conditions in dollars this week led to a series of blow-out deals — but a large amount of supply in the last two weeks, plus uncertainty over the outcome of upcoming European elections and what the European Central Bank will do at its next meeting could mean that issuance conditions won’t be red hot for much longer. Those problems could also affect euros — where issuers considering deals at the 10 year part of the curve have the added difficulty of offering a sufficiently enticing yield.

A dearth of senior issuance this week left the spotlight on the subordinated debt market, and with the market quiet, LBBW and SEB were able to focus on price and sell aggressively priced tier two trades.

Leveraged loans bankers have welcomed a €7.5bn loan to finance DE Master Blenders’ merger with the coffee business of Mondelez International. But big deals alone don’t make the market, and lenders are growing increasingly concerned about the lack of deal flow among mid-market borrowers.

Longfor Properties priced only the second four year CNH bond on Wednesday night, opting for the unusual tenor to spread out its maturity profile. It is also the first Chinese property issuer to come to the CNH market since February.

SEB will sell sub debt on Thursday afternoon, drawing good demand for a tier two deal despite offering aggressive pricing. The Scandinavian bank will be joined by French insurance company Groupama which is exchanging perpetual sub debt for new paper.