Goldman Sachs

1Malaysia Development (1MDB) has filed a preliminary IPO application with the country’s regulator for a $3bn-plus listing of its energy assets, in what is the first step towards paving the way for a rare large transaction for the Malaysian ECM market.

Goldman Sachs and JP Morgan have launched this evening a block trade in Altice, the French telecoms investment group that has grabbed headlines this year for its takeover of French mobile phone company SFR – and which is now in a takeover battle for Portugal Telecom.

Dubai Parks and Resorts, a subsidiary of Meraas Holding, today began the bookbuilding phase of its planned IPO on the Dubai Financial Market.

China’s eHi Car Services, which failed to price its $140m IPO last week following allegations of wrongdoing by individuals, is now guiding investors towards the bottom half of the price range of the deal.

A flood of financial institution bond issuance this week concluded on Friday with a brace of tier two deals, from Standard Chartered and Italy’s Generali.

China’s eHi Car Services, which was scheduled to close books for its $140m New York IPO on Thursday evening, is now looking to price the trade next week following allegations made by individuals that the issuer provided false information in its prospectus.

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.

German IT company SAP today priced €2.75bn of the €4bn bonds it said it would issue to fund its acquisition of US expenses software firm Concur. The deal generated huge demand, with order books across the three tranches bulging to €11bn.

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.

Goldman Sachs has promoted three members of the EMEA leveraged finance group to partner, as well as syndicate veteran Jonathan Fine, now working on US investment grade.