Morgan Stanley

WH Group delayed, restructured and shrank what would have been a $6bn IPO this week, after revelations about corporate governance gave investors qualms. The situation was undoubtedly made worse, however, by the issuer's decision to use a 29 bookrunner syndicate — a record for a Hong Kong IPO.

Weibo Corp was forced to price its $286m Nasdaq IPO at the bottom of the range on April 16 after it bore the full brunt of investors' waning confidence in the China tech story. But after a strong trading debut which saw the stock rally 17.9%, more of its industry peers are trying their luck in the US.

China National Offshore Oil Corporation printed a $4bn triple-tranche bond on Wednesday night with investors flocking to the 10 year portion, which attracted a $9.4bn final order book.

The National Bank of Greece is set to price its five year senior unsecured bond inside where the Greek government’s recently issued five year sovereign bond is trading, as the exuberance of the peripheral recovery story continues.

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

China National Overseas Oil Corporation opened the books for a three tranche transaction on Wednesday morning as the issuer embarks on its annual bond fundraising, joining a number of other Chinese state owned enterprises that have come to the market in recent weeks.

Weibo Corp’s encouraging trading debut on the Nasdaq last Thursday, which saw its stock trade up by 17.9%, was a much needed boost to Chinese technology stocks that has been hurt by a recent price correction. And mobile game developer Chukong Holdings may be well placed to capitalise on the renewed optimism having filed for a $150m Nasdaq listing one day after Weibo’s debut.

Moroccan phosphate group OCP priced its $1.25bn of 10 year notes at a 5.75% yield on Wednesday evening, through the tight end guidance that had already been crunched to 5.875% area. A $300m 30 year note was also added in the afternoon, which was priced at 7.375% in line with guidance.

Morgan Stanley recorded a $200m year-on-year net revenue rise in its fixed income and commodities business in the first quarter, bucking the declining trend seen in its peer group.

Liability management transactions continue to dominate Brazilian bond supply, with regulars Braskem and Votorantim raising money for buybacks on Wednesday.

Moroccan phosphate group OCP launched $1.25bn of 10 year notes at a 5.75% yield on Wednesday evening, at the tight end of guidance that had already been crunched to 5.875% area. A $300m 30 year note was also added in the afternoon, with guidance of 7.375% area, and launched at that level.

Moroccan phosphate group OCP has tightened price guidance on its 10 year debut bond to a yield of 5.875%, a level that rival syndicate and DCM bankers said represented 100bp over the sovereign and was therefore too generous.