Morgan Stanley

Five FIG issuers took to the subordinated markets to take advantage of months of undersupply this week, with the results highlighting not just the feverish grab for yield but also just how far banks have come since the crisis of 2008 in building their capital levels.

Yankee banks returned to the dollar fray with opportunistic trades from Barclays and Westpac, with the UK bank mirroring a recent trend in euro deals by printing a long dated bond.

Ukraine is pricing a $1bn US government guaranteed bond via JP Morgan and Morgan Stanley, according to two DCM officials away from the deal.

Matalan Finance, the parent company of British clothing retailer Matalan, today announced its intention to launch £492m of senior secured notes.

The senior market experienced an explosion of activity on Tuesday following a quiet opening to the week, with three issuers taking to the belly of the curve to sell euro denominated deals. The five year area of the curve is expected to see more activity later in the week, as investors abandon the short end in search of yield.

LatAm bond investors say prospects are looking up for the struggling Brazilian sugar and ethanol sector as the astonishing performance of Tonon Bioenergia’s latest bond issue promises improved market access for its peers. GVO may soon become the next company in the country and sector to issue to refinance debt, say investors.

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.

China’s Tianhe Chemicals Group started talking to investors in regards to a Hong Kong IPO on May 12, which could be worth around $1bn, according to bankers on the trade.

Singapore-listed real estate firm Frasers Centrepoint is planning to seek shareholders approval for a hospitality real estate investment trust that could be worth around $500m later this month.

Silicon wafer fabrication firm Inotera Memories raised $418m from a Global Depositary Receipt offering on May 8 tapping the markets at a time when its Taiwan-listed shares are at an all-time high.

Santander and UBS both took to the Reg S market on Thursday to sell subordinated debt to dollar hungry European and Asian investors.

US bond specialists predicted many things for 2014, but few expected a rally in Treasuries. Yet this week the 10 year Treasury yield fell to 2.55%, making borrowing conditions even more attractive for high grade companies.