Citi

New York listed Chinese medical technology provider Wuxi Pharmatech is cooking up a $150m dual tranche loan with one mandated lead arranger and bookrunner.

Game developer Linekong Interactive Co is seeing traction for its $187m IPO on the Growth Enterprise Market (Gem) board after opening books on Monday and is having to share the limelight with two of Hong Kong’s biggest listings this year.

The blockbuster demand for Cheil Industries’ W1.52tr ($1.4bn) South Korean IPO, which priced at the top on Friday evening to become the country’s largest listing since 2010, has led to a handful of investors ending up with no stock at all while many bidders have received just token allocations.

India’s Sadbhav Engineering will spin off its 77.42%-owned unit in an IPO that is expected to fetch at least Rp6bn ($96.93m).

Cheil Industries has become the biggest listing from South Korea since 2010 after pricing its W1.52tr ($1.4bn) IPO at the top of the price range on Friday evening. Massive oversubscription in the books now mean that allocations will be a challenge with investors unlikely to get their hands on as much stock as they’d like.

Royal Bank of Scotland subsidiary Citizens Bank scored a hit on its senior debt issuance debut amid strong supply from the US financial sector this week.

Volvo joined the growing group of corporate issuers of hybrid capital on Wednesday, when it priced its first hybrid bonds. The deal was popular with investors, generating €7.4bn of orders.

Medtronic grabbed the record for the biggest high grade corporate bond issue of 2014 this week, as investors returned from their Thanksgiving breaks keen to put cash to work in one of the busiest weeks of the year.

Bankers close to Chile’s international bond market comeback said that the quality of the order book and long-term diversification meant it was worth the sovereign paying as much as 30bp more to sell 10 year debt in euros than it did in US dollars.

Another rash of block trades appeared in the European market this evening, though not as many as yesterday’s seven. The crop of four deals was led by a trade of €350m in Belgian nappy maker Ontex, where private equity groups TPG and Goldman Sachs are selling down after its IPO in June.

Grupo Actividades de Construcción y Servicios (ACS) of Spain is in talks with a group of banks to refinance €2.2bn of debt, and plans to complete the deal in January 2015.

Volvo joined the growing group of corporate issuers of hybrid capital on Wednesday, when it priced its first hybrid bonds. The deal was popular with investors, generating €7.4bn of orders.