Morgan Stanley

Asian issuers flooded into the debt market on Tuesday, as seven credits battled for attention amid a somewhat positive tone in the market. Greenland Hong Kong Holdings grabbed $200m, while China Gold International Resources Corp nailed a $500m three year and Shimao Property Holdings sealed a tap.

The European leveraged finance market was disappointed this week when Bain Capital’s and Cinven’s €5.3bn bid for German generic drug firm Stada fell apart.

On Tuesday, Gecina, the French property company, latched onto the latest trend for issuance in the multi-tranche European corporate bond. The triple tranche €1.5bn deal will be used to refinance part of the bridge facility used by Gecina to acquire Eurosic.

NetLink Trust has kicked off bookbuilding for its up to S$2.7bn ($1.9bn) IPO, set to be Singapore’s largest listing in half a decade, according to a source close to the trade.

Greenland Hong Kong Holdings returned to the market on Tuesday for the second time in as many weeks, as Shandong Ruyi Technology Group Co and Hong Kong conglomerate Swire Pacific also launched dollar deals.

Carmila, the retail property owner and manager owned by Carrefour, launched its capital increase today, seeking €503m of new capital, after its merger this month with Cardety.

Delivery Hero, the German online food delivery platform, is set to price its €866m IPO at the top of its range, following the latest guidance on pricing on Wednesday morning.

International schools operator Nord Anglia has tightened pricing and accelerated the deadline on its $1.22bn-equivalent euro term loan, while up to six leveraged loans are due to close syndication at the end of the week.

China’s Shimao Property Holdings braved the volatile market on Thursday to close a $450m deal, but fell short of meeting its ambitions for a larger size.

DCM bankers say that Taiwan’s Formosa market could offer compelling funding options for several Latin American bankers after Mexican utility CFE became the first Lat Am corporate to issue in it this week.

Europe’s IPO market took a couple of knocks this week when one flotation was pulled and another traded sharply down on its debut, partly because investor sentiment has cooled. But there was still enough vigour in the market to ensure a successful conclusion to the €3bn re-privatisation of Allied Irish Banks (AIB), write John Loh and Jon Hay.

Investors have piled into the €866m IPO of Rocket Internet-backed Delivery Hero, with the deal covered across the price range just two days into bookbuilding, according to bankers.