Morgan Stanley

KfW and the City of Paris built healthy books for no-grow green bonds on Tuesday, as some bankers suggested the KfW deal showcased the lesser execution risk amid tricky conditions that green bonds offer over conventional deals.

Star Petroleum Refining has firmed up terms on its long-brewing Bt15.66bn ($441.59m) IPO, set to be one of Thailand’s largest listings this year.

A pair of public sector borrowers are lining up green bonds this week — but one of the deals could have implications beyond that of the burgeoning SRI bond market.

Six borrowers raised nearly €5bn in the covered bond market this week, once again surpassing supply expectations. The star attraction, notable for both its size and tenor, was a €1.5bn three year from the Norwegian issuer, Sparebank 1 Boligkreditt.

Shire, the UK pharmaceutical company, has agreed to acquire US company Dyax for $5.9bn in cash. Deutsche Bank and Morgan Stanley are arranging the financing.

Dali Foods Group Co has given the Hong Kong IPO market a burst of excitement, launching a HK$10.4bn ($1.34bn) listing that could become the biggest float by a privately-owned company in the city this year. Bankers are touting it as the first deal in a long time to conduct a real institutional bookbuilding rather than simply relying on Chinese state-owned enterprises for demand. Rashmi Kumar reports.

Veritas, the Californian data management company, has become the first US borrower to roadshow for a euro high yield bond in the second half of this year — and bankers say it will soon have company.

InterGlobe Aviation and SH Kelkar & Co have found huge success with their respective Indian IPOs, with all books multiple times covered by a flood of investors.

Two leasing companies have rolled out their loans into general syndication, with China Universal Leasing seeking Rmb800m ($126m) from onshore lenders and CDB Leasing looking for $300m offshore.

Oberthur Technologies, the French smart cards maker, indefinitely postponed its IPO on Wednesday, blaming poor market conditions.

Edag, a German company that specialises in providing engineering services to the car industry, started investor education on Wednesday for a Frankfurt IPO.

Amundi, Europe’s largest asset manager, has covered its IPO, which is set to raise at least €1.4bn, on the third day of the bookbuild.