Morgan Stanley

State Grid Corporation of China returned to the market with a multibillion triple-tranche transaction on Monday morning. But despite nearly $10bn having already been absorbed by issues from other major Chinese state owned enterprises this month, bankers said there is still room for State Grid to do a jumbo deal.

Corporate investor that have successfully restructured US dollar, China yuan target redemption forwards over the last month could be in for more losses if the yuan continues to weaken against the dollar past 6.25.

Turkish bank Finansbank, 77.23% owned by the National Bank of Greece, launched its $500m RegS /144A five year bond at 6.375% on Friday morning in London, with pricing expected at the US open.

The restructure and downsize of WH Group’s IPO at the eleventh hour was ultimately due to unwieldy competition within its enormous syndicate. As a result, the market is calling for the regulator to take action.

Commodities group Glencore Xstrata proved there was life in the corporate investment grade market this week, but syndicate bankers are hoping for a more broad-based recovery as corporate America emerges from earnings blackout.

Italian insurer Assicurazioni Generali took advantage of a good market tone to offer a deal that combined features of recent success stories: subordinated insurance debt, and Europe's periphery.

National Bank of Greece bucked the typical route taken by peripheral banks with renewed access to the capital markets, starting with a covered bond or short maturity senior unsecured, to mark its return with a five year senior bond that it printed though the level that the Greek sovereign was trading. It's a deal that has market participants both trumpeting the peripheral recovery story and wondering: to what extent yield hunger is distorting decisions?

The stonking performance of advisory business in Goldman Sachs and Morgan Stanley’s first quarter results cushioned the blow of an industry-wide slump in fixed income trading revenues. Even within fixed income, both institutions survived the downturn better than their peers, with Morgan Stanley actually seeing an improvement, while Goldman saw an 11% decline in FICC revenues to $2.85bn.

Rating: Aaa/AAA/-

Inter-American Development Bank treasurer Søren Elbech signed off with a final benchmark before he moves to Danish wind turbine manufacturer Vestas at the end of the month, raising $2bn with a July 2017 global bond on Wednesday. Despite the deal being slightly undersubscribed, bankers away from the trade were impressed that the supranational was able to raise so much cash at a near rock-bottom yield.

The market for new equity issuance sprung back to life on Tuesday with the London launch of an IPO for Card Factory, as market confidence grew after some weakness in trading before Easter.

Turkish Finansbank, 77.23% owned by the National Bank of Greece, has picked Citigroup, HSBC, Morgan Stanley and Standard Chartered Bank to run a series of investor calls with international investors on Thursday. A benchmark 144A/Reg S note may follow.