Morgan Stanley
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Chinese after-school tutoring services provider TAL Education raised $200m on May 15, pricing a 2019 convertible bond in the middle of guidance after receiving good interest from investors. -
Bank of Tokyo-Mitsubishi UFJ (China) launched its debut offshore renminbi bond on Monday. As the first CNH issue from a non-leasing subsidiary of a Japanese financial institution, the deal attracted a strong following just a few hours after launching.
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LatAm bond markets finally began to show signs of softening in the second part of the week but food conglomerate BRF Brasil Foods showed there is still strong appetite for well thought out deals on Thursday.
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Matalan to refi with £492m HY – Finland’s Paroc wins €2bn book
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Public sector issuers that ventured into dollars this week were inundated with demand, allowing them to bring a series of oversubscribed deals in the short to medium part of the curve. Others are tipped to follow if conditions are stable next week — after a stormy afternoon of trading across credit markets on Thursday.
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Bond investors are expecting Mexican construction company Empresas ICA to receive a strong response for a planned new bond after the company posted improved first quarter results.
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JP Morgan and Morgan Stanley’s EM rivals may be gleefully awaiting punishment of those banks through future Russian mandates after this week they helped Ukraine raise $1bn via a US-AID backed bond, but they should not bet the ranch on a Russian freeze out.
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The most politicised new issue for many years – Ukraine’s USAID-backed $1bn five year bond – could be followed by several more as the sovereign battles both the threat of civil war and a raft of redemptions this year and next. But lead managers run the risk of Russia shunning them on its rival future mandates, bankers have warned.
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Ukraine has printed its $1bn five year bond back by US-AID, with investors hoping that the US government will see this as a more regular financing tool for Ukraine as the country faces the threat of civil war in the eas of the country and a high level of redemptions over 2014-2015.
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Maoye International Holdings priced its debut dollar bond on Monday, its third attempt to sell an international deal. With the right timing and careful guidance by dealers, the bond crossed the line with orders of $1.1bn for the $300m offering.
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China’s Tianhe Chemicals Group started talking to investors on May 12 about a Hong Kong IPO that could be worth around $1bn.
