Morgan Stanley

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.

Liability management transactions from BRF Brasil Foods and Fibria Celulose have brought the number of Brazilian companies to issue new bonds to finance tender offers for existing paper up to six in 2014 as borrowers rush to take advantage of low rates.

Flint Group, which makes products for the printing and packaging industries, has made final adjustments to the original issue discounts for its €1.5bn-equivalent of debt after raising the margins on first and second lien tranches.

The National Bank of Greece’s €2.5bn equity raise was oversubscribed when it closed on Thursday afternoon, as a broad range of international real money investors flood back into the southern European markets.

Sinochem saw strong demand for its sophomore CNH issue despite strong competition in the market. The Chinese state owned conglomerate’s investment grade rating proved an attractive feature for investors and the issuer was able to raise Rmb2.5bn ($406m) with its second deal in less than two weeks.

China’s second largest internet security software provider, Cheetah Mobile, managed to overcome the poor secondary market performances of some of its peers by pricing a $168m New York IPO near the top of its guidance on May 8.

China Cinda Asset Management made its dollar debut on Wednesday night with a $1.5bn dual tranche bond. Although negative sentiment on China led dealers to take a cautious approach with initial guidance, the trade was able to land inside fair value after pricing tightened by 25bp.

Technology firm Alibaba Group Holdings lodged its preliminary prospectus with the US Securities and Exchange Commission to great fanfare this week, as this much-hyped business moved a step closer to listing. However, key information on the IPO — such as how big it will be — remains in scarce supply, writes Rev Hui.

Bank of Beijing picks two for jumbo float — Qingdao Port tests waters for IPO — GF Securities dispels listing rumours

Santander is making a return to the additional tier one market for the second time in two months, getting in front of any potential surge in supply that may come from other banks, including Deutsche Bank, in the subordinated market in coming sessions.