Bank of America

Virgin Money, the UK challenger bank backed by Richard Branson and Wilbur Ross, succeeded in pricing its £312m IPO on Wednesday, though at the bottom of the price range. The sale brought the former Northern Rock back to the stockmarket, six and a half years after it was nationalised after suffering a deposit run in 2007.

The November deluge of dollar supply continued as companies from across the high-grade spectrum printed a total of $25bn in three days of issuance this week, led by nervous energy and resources companies.

Asian Development Bank became the second issuer to hit dollars this week, mandating for a seven year bond as KfW priced the largest 10 year global of any SSA issuer bar the US agencies. A pair of borrowers are tipped for possible deals next week, which will be the last full week of issuance ahead of the dollar market’s traditional close at Thanksgiving.

Apax and Bain Capital made their move for Portugal Telecom’s Portuguese assets this week, but rival bidder Altice is more than ready for its challenger, having signed the banks behind its bid on an exclusive basis some weeks ago.

Pirelli, the Italian tyre producer, launched its first bond for two years on Thursday, and its first in euros since February 2011, and achieved a tremendous blowout, with a book of well over €5bn before reconciliation.

Pirelli, the Italian tyre producer, launched its first bond for two years today, and its first in euros since February 2011, and achieved a tremendous blowout, with a book of well over €5bn before reconciliation.

Asian Development Bank announced a seven year deal on Thursday as KfW wrapped up a $5bn 10 year that drew over $7bn of orders.

Malaysian conglomerate Sime Darby has picked four banks to supply the funds for its latest loan. The size of the fundraising is around $800m and it is split into a revolver and a term loan.

Gold miner Archi Indonesia is looking to raise Rph4.6tr ($371m) from its IPO on the domestic stock exchange, with bankers on the trade confident of a good response despite launching with no cornerstones or anchor orders.

Two UK companies completed cash-box placings on Wednesday, and both found plenty of demand. Essentra, which makes small components and packaging products, raised £168.8m of new capital, while Workspace Group, the provider of serviced offices in London, raised £96.5m.

Virgin Money, the UK challenger bank backed by Richard Branson and Wilbur Ross, succeeded in pricing its IPO today, though at the bottom of the price range.

British oil and gas company BG Group issued €775m eight and €800m 15 year bonds on Wednesday, in a week of strong issuance of European investment grade corporate bonds.