Morgan Stanley

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.

Industrial and Commercial Bank of China priced a Rmb2.5bn ($405m) dual tranche bond on Tuesday night, with investors showing a strong preference for the two year tranche over the five year.

State Grid Corp of China will meet with investors next week, as it looks to make a return to the dollar market following its last deal, a $2bn triple trancher in May 2013.

MIE Holdings priced a $500m bond on Tuesday night to redeem an existing bond that will be called in May. A substantial anchor presence in the order book built a solid foundation for the 144A/Reg S transaction, which managed to print slightly inside the issuer's existing curve.

Taiwanese silicon wafer fabrication firm Inotera Memories has hired three banks to work on a global depository receipt transaction, which could be worth up to NT$12bn ($367m).