Morgan Stanley

Six bank and finance names raised $14.5bn in the space of three days, boasting bulging order books and minimal new issue concessions as investors scrambled for extra yield.

In what was an all-around impressive week for peripheral bank issuers, Allied Irish Banks and Italy’s Intesa Sanpaolo printed five year senior deals, proving investors are willing to go further out on the credit curve for longer in the search for yield.

The European Bank for Reconstruction and Development sold the only dollar benchmark of the week on Wednesday, in what could also be its only benchmark of 2014. The deal drew some criticism due to a tight spread, but is expected to perform well in the coming weeks.

Medium term note bankers have had some recent successes in their perennial struggle to convince companies of the benefits of the private placement market. Some borrowers are heeding the dealers’ advice, as investors are so desperate for anything rare they are willing to pay up.

Ronan McCullough, managing director, head of Asia Pacific debt capital markets and syndicate at Morgan Stanley, will move to the US with the bank later this year, according to sources.

Beijing based pork processing company WH Group opened books for its $5.31bn Hong Kong IPO on Thursday and will take bids until April 22.

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A busy week for peripheral bond issuance continues with Intesa Sanpaolo readying a floating rate senior unsecured deal on Thursday.

Greece’s capital market comeback bond will be priced at the tight end of guidance on Thursday after the sovereign drew an extremely large book to the deal.

Mexican state-owned oil company Petróleos Mexicanos tightened pricing aggressively on its return to the euro market to clinch a €1bn 12 year at a new issue concession of zero, according to bankers on the deal.

Beijing based pork processing company WH Group, which is the largest in the world, opened the books for its mega $5.31bn Hong Kong IPO on Thursday.

Petróleos Mexicanos opened books on a euro benchmark bond on Wednesday morning, after ending a four year absence from that currency late last year. The borrower is pushing out its euro curve with a 12 year bond to take advantage of the thirst among German and French investment grade accounts for longer dated, higher yield paper, said bankers on the bond.