Morgan Stanley

Hong Kong stole the show for overnight share sales in Asia this week as three transactions worth a total of $1.3bn were priced — before a monster $10.6bn sell-down in Tencent Holdings launched as GlobalCapital Asia went to press on Thursday.

Globalworth, an AIM-listed real estate investment trust focused on Poland and Romania, released initial price guidance for a euro benchmark seven year bond at 3.375% area, talk that a syndicate official away from the note represented around a 40bp pick up over fair value. The talk was later in the morning updated to 3.125%-3.25% with leads saying the deal will price in range.

Global internet and entertainment group Naspers launched a block sale of Tencent Holdings shares on Thursday, looking to raise $10.6bn, according to a term sheet seen by GlobalCapital Asia.

The order book for OneSmart International Education Group’s $212m IPO on the New York Stock Exchange is well covered across the price range, said a banker at one of the leads.

B&S, the Dutch consumer goods distribution specialist, has revised the price range for its €358m IPO on Euronext Amsterdam, which is due to be priced on Thursday.

Two senior bankers have joined Deutsche Bank’s CEEMEA team, while Maryam Khosrowshahi is adding to her role with the new title of chairperson of supranational, sovereign and agencies origination.

Thailand’s Ratchaburi Electricity Generating Holding Public Co (Ratch) made a rare appearance in the debt market on Tuesday, raising $300m at a tight price thanks to its scarcity appeal.

GlobalCapital revealed the winners of its Equity Capital Markets Awards 2017 at our third annual Awards Dinner in London on March 20. CEOs and CFOs were present to collect Awards for landmark deals such as the UniCredit and Santander rights issues and the IPOs of Allied Irish Banks and Pirelli.

US health insurer Cigna has agreed a $26.7bn bridge loan from two banks as part of its deal to buy Express Scripts, in a transaction lenders say highlights how deep liquidity is in the market.

The IPO of Dutch bank NIBC was due to be priced on Thursday evening at the bottom of its initial range, valuing the company at €1.28bn.

Funding for leveraged buyouts in the European primary high yield market gained further share of overall issuance this week, as specialty car parts maker LKQ of Chicago sold a €1bn bond for its acquisition of German peer Stahlgruber.

Italian business software vendor TeamSystem returned to the public bond market to refinance a floating rate note it placed privately in 2016, as high yield fund managers increase their demand for floating rate debt this year.