Morgan Stanley

As Dongfeng-Nissan Auto Finance prepares for its third transaction in China’s asset backed securities (ABS) market this year – a Rmb3.5bn ($527.4m) two-tranche deal – the originator is ditching the single tranche structure it switched to for its August transaction.

Iron Mountain, Bormioli and Constellium revved up the engines of the European high yield market with new deals announced on Tuesday that pushed overall issuance so far this year closer to 2014’s all-time €84bn high.

Norsk Hydro completed its buyout of fellow Norwegian aluminium producer Sapa, valued at Nkr27bn ($3.38bn) on Monday, drawing in part on its existing five year revolving credit facility.

Credit Suisse named a new top team for its EMEA FIG investment banking group, with a Morgan Stanley banker joining the business as co-head.

The IPO of Pirelli, the Italian tyre company, has been priced at €6.50, the bottom of the revised range, valuing the business at €6.5bn.

Dollar borrowers failed to take advantage of pent-up demand and tightening spreads as US corporate bond supply recorded a lacklustre end to the month.

Singapore-based Sea began pre-marketing a potential $1bn US IPO this week, according to a banker close to the deal.

Bawag, the Austrian banking group that has been owned by Cerberus since 2007, will attempt to go public in Vienna this autumn, with an IPO that will provide a serious test of the strength of investor demand for the European banking sector.

US investors led the charge to CK Hutchison Holdings’ triple-tranche bond on Tuesday, with their strong, and unexpected, support pushing the final deal size beyond the issuer’s expectations.

With strong demand right off the bat, Chinese firm RYB Education has broken through the top of guidance to raise a higher $144.3m from its US flotation, according to a source close to the deal.

Tuesday proved to be hybrid day in the European corporate bond markets with Aroundtown tapping its dollar hybrid bond for €200m while German electric utility, RWE, announced it was tendering for up to €550m equivalent of its own equity-like debt.

CK Hutchison Holdings is wooing dollar debt investors for the third time this year, opening books for a triple-tranche deal on Tuesday morning.