Morgan Stanley

Pharmaceutical giant AstraZeneca has entered into a collaboration agreement with Japanese pharmaceutical company Daiichi Sankyo to develop a new antibody-drug conjugate which it is hoped will revolutionise cancer treatment. The deal is being funded through an equity capital raise.

Colm Kelleher, president of Morgan Stanley, is retiring after three decades at the US bank. A clutch of senior staff will now report to CEO and chair James Gorman directly.

Country Garden Holdings Co raised $1.5bn in a dual tranche trade on Thursday. The longer dated tranche, a seven year tenor, is the longest dated bond from a high yield property borrower this year.

Bank of Baroda returned to the market on Thursday to sell its first dollar deal in nearly five years. The bank, acting through its London Branch, raised $800m in a sale that came just days before its expected merger with Vijaya Bank and Dena Bank.

Indian real estate major DLF bagged Rp31.7bn ($458.7m) this week after wrapping up its qualified institutional placement (QIP), with investors winning a near 5% discount to the floor price.

RCI Banque followed Volkswagen Financial Services’ triple tranche bond issue on Monday with its own two-part issue on Wednesday. Both car finance banks, as very regular issuers, are unlikely to command the absolute tightest pricing relative to their secondary curves, but demand has also cooled somewhat this week, compared with the avid tone of recent weeks. Nevertheless, pricing tightened a long way.

State oil company Saudi Aramco is expected to tap the bond market in the next fortnight for a deal that could be anywhere in the region of $7bn-$15bn, according to bankers in the region away from the deal. Estimates of the premium Aramco will have to pay over the Kingdom of Saudi Arabia curve is being discussed as negative to plus 15bp, depending on the size of the deal.

Indian Railway Finance Corp (IRFC) pushed into the dollar market on Monday to close a bond trade ahead of the end of the financial year. The issuer managed to grab $500m from the five year sale, despite a weaker market.

British life insurer and asset manager Prudential Corp Holdings is offloading a chunk of shares in its Indian joint venture ICICI Prudential Life Insurance Co and is looking to bag at least Rp11.2bn ($162.6m).

Chinese influencer platform Ruhnn Holding has kicked off bookbuilding for its Nasdaq IPO, targeting up to $135m in proceeds.

Medacta, a manufacturer of orthopaedic devices, was covered within hours of setting the terms on its Swiss IPO, valuing the company at up to Sfr2.08bn.

Spanish telecommunications company Cellnex’s €1.2bn rights issue has finished more than 16 times covered after its shareholders bought into its growth plans.