Morgan Stanley

The Federal Reserve Board and the Federal Deposit Insurance Corporation said this week that the largest US banks had made ‘significant progress’ in drawing up resolution plans.

Mainland property developer Sunac China Holdings has raised HK$7.8bn ($1bn) from an upsized overnight top-up placement.

Sistema, the Russian conglomerate controlled by Vladimir Yevtushenkov, has been forced to cancel the $70m sale of Detsky Mir shares it conducted on Monday night, after some of its assets, including its stake in the toy store, were frozen by an arbitration court in the Republic of Bashkortostan.

Abu Dhabi National Oil Co’s $850m flotation of its petrol station chain Adnoc Distribution has been greeted warmly by the market, setting a good precedent for an expected wave of privatisations in the Middle East. Sam Kerr reports.

Chinese banks have enjoyed a stellar year for dollar additional tier one capital issuance, with Bank of Chongqing becoming the latest to join the party, achieving its target size and price on Wednesday.

WuXi Biologics Holdings, which listed in Hong Kong in June in a hugely popular IPO, raised HK$5.07bn ($649m) from a block trade that was increased in size on the back of strong investor demand.

Shares in Adnoc Distribution, the chain of petrol stations and shops in the United Arab Emirates that has floated on the Abu Dhabi Securities Exchange, traded up 6% on their first day today, boding well for future Gulf privatisations.

Bank of Chongqing Co started bookbuilding for its Basel III compliant additional tier one dollar bond on Wednesday, adding to a sector that has seen plenty of action this year.

Shares in Detsky Mir, the Russian toy retailer, fell 8.2% on Tuesday after Sistema, the Russian conglomerate controlled by Vladimir Yevtushenkov, and the Russia-China Investment Fund sold some of their shares in the company through an accelerated bookbuild on Monday night.

India’s Rural Electrification Corp raised $400m from a three year bullet on Monday, opting for an unusual tenor for a credit from the country, but still finding more than enough support for its deal.

State-owned Indian lender Punjab National Bank has wrapped up a Rp50bn ($775m) capital raise through a qualified institutional placement (QIP), according to a banker on the deal.

Abu Dhabi National Oil Co attracted good international participation to the $850m IPO of Adnoc Distribution, its chain of petrol stations and shops in the United Arab Emirates, which was priced on Friday.