Morgan Stanley

Despite the carnage in UK and European bank shares, the bosses of major investment banks have reassured staff that immediate changes won’t follow. But recruitment industry sources predict the opposite, with one headhunter citing client plans to move 37,000 jobs to countries that plan to stay in the European Union.

Japan’s Honma Golf is planning a Hong Kong IPO under sole sponsor Morgan Stanley, according to its draft prospectus.

HDFC Standard Life Insurance Co looks likely to drop its IPO plans and instead merge with Max Life Insurance Co, finding an opportunity for a backdoor listing.

Ten banks participated on Wednesday in an auction to determine settlement prices for credit default swaps on Norske Skog, the Norwegian publishing paper manufacturer, after it triggered a restructuring credit event in April.

China Development Bank Financial Leasing Co has finalised the marketing price range for its listing, which would raise HK$7.6bn ($979.5m) at the top end, and has signed up cornerstone investors to take up nearly 80% of the float, according to a source close to the deal.

Cochin Shipyard has dished out the mandate for its Rp10bn ($149m) IPO in India to three domestic firms, according to sources.

Credit markets showed their capacity to surprise this week, as a varied array of issuers, including high yield and emerging market companies, raised funds, even though a referendum that could lead to the first country leaving the European Union is only a week away, writes Jon Hay.

LafargeHolcim, the French-Swiss cement group, found ample demand in the European bond market on Wednesday for a tap issue, showing how keen appetite remains, despite the nearness of the UK’s referendum on leaving the European Union next week.

Unit4, the Dutch online application provider, is marketing a €230m term loan with replies due this week, but European investors have voiced difficulties in understanding the IT sector.

Basic-Fit, the low cost gym group, made its debut on Euronext Amsterdam on Friday morning, after an IPO that was priced towards the bottom end of its range on Wednesday.

Frasers Centrepoint has priced its Singapore real estate investment trust IPO at the top of guidance, bagging S$903m ($666.5m) after investors came out in force at the top of the range.

Dong Energy’s IPO, the biggest in Europe so far this year, achieved a strong result, both in its bookbuild, which raised Dkr17.1bn ($2.6bn), and on its first day of trading on Thursday, when the shares jumped 10%.