Morgan Stanley

Moroccan phosphate group OCP has tapped the $300m 30 year notes it sold a fortnight ago for a further $300m, bringing the total deal size to $600m. The book for the deal reached over $1bn as investors enthusiastically bought more of the note that had tightened around 50bp in yield terms since pricing.

The likelihood of Taiwan’s Bank SinoPac being forced to unwind its US dollar, offshore China yuan target redemption forward positions rose yesterday as the country’s financial regulator banned the firm from issuing further notes.

What was supposed to be the largest Hong Kong IPO of 2014 ended in acrimony on Tuesday night as WH Group ended its sorry journey to market by postponing its HK$14.6bn ($1.9bn) listing.

China Cinda Asset Management is seeking its first dollar bond as it meets investors this week and next. It is the second Chinese bad debt management firm to hit the market after China Orient Asset Management issued $600m last September.

Flint Group, which makes products and supplies for the printing and packaging industries, has set an original issue discount of 99.50 on its €1.55bn-equivalent debt package as Thursday’s commitment deadline for the deal approaches.

Brazilian meatpacker Marfrig will buy back $130m of its bonds due 2017 and 2021s after investors tendered far more paper than the maximum amount the company was prepared to repurchase overall.

China’s second largest internet security software provider, Cheetah Mobile, has reduced the potential size of its New York IPO by one third and is now looking to raise only $200m amid volatility in the technology sector.

Doosan Infracore International (DII) and Doosan Holdings Europe (DHEL), part of South Korean conglomerate Doosan Group, are seeking a $1.3bn senior secured term loan from the US market.

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.