Morgan Stanley

Detsky Mir, the Russian toy retailer, this week priced its Rb18.4bn ($311m) Moscow IPO, the first IPO of significant size to be completed this year in EMEA.

The IPO market in EMEA is enjoying mixed fortunes, with the successful completion of the largest flotation in Russia since 2014 and the withdrawal of the first German IPO of the year late on Tuesday due to a lack of demand at an acceptable price.

Indonesia’s Pakuwon Jati was back in the international market on Wednesday after a nearly three year hiatus, looking to grab enough funds to redeem its existing 2019s.

The Indian government has offloaded 2% of its stake in ITC, the country’s largest cigarette maker, raising Rp67bn ($995.2m) and coming closer to its divestment target for the financial year, according to a banker on the deal.

Peruvian mortgage lender Fondo Mivivienda on Tuesday found a high level of appetite for local currency paper with a $600m-equivalent dual tranche deal of which three quarters was in Nuevo soles.

Belgium defied turmoil afflicting European government bond spreads this week, pulling in big books for a dual tranche euro benchmark. The sovereign's success may have emboldened Finland to follow suit with its own barbell transaction.

Criteria Caixa, the unlisted holding company, has sold a 5.3% stake in CaixaBank, the Spanish lender, for €1.06bn, through an accelerated bookbuild launched on Monday night that was completed without a covered message.

Two public sector borrowers had very contrasting fortunes with no-grow three year dollar bond issues on a volatile Tuesday.

Bukit Makmur Mandiri Utama (Buma), which services Indonesia's coal industry, pulled in an impressive $2.2bn book for a $350m bond this week, after taking care to meet investors and address their concerns about its relationship with defaulted miner Berau Coal.

Genesis Colors, which owns luxury Indian brands Satya Paul and Bwitch, has secured approval from the country’s market regulator to go public via a Rp6.5bn ($96.5m) IPO.

The market for public sector euro issuers is springing back to life after a quiet week, with two benchmarks printed on Monday and a sovereign dual tranche expected on Tuesday. But although traffic is returning, conditions are no longer as supportive as in January.

Detsky Mir, the Russian toy retailer, has revised the price range for its Rb21.1bn ($350m) Moscow IPO to Rb85 to Rb90 a share, the bottom end of the initial Rb85 to Rb105 range.