Morgan Stanley

ICBCIL Finance has made its debut in the 144A format with a triple-tranche dollar offering, meeting its objectives on both pricing and diversification.

Happy days are here again for the corporate bond market. After weeks of improving sentiment, investors are ready to start splashing the cash. Issuers that have brought deals are reaping the rewards, in big orderbooks and tighter new issue premiums.

Dali Foods Group Company has provided a burst of excitement to the Hong Kong IPO market, 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, and it is also offering some diversification to investors.

China Universal Leasing, which is seeking to change the benchmark of an offshore renminbi borrowing, is now simultaneously looking for a new Rmb800m ($126m) onshore loan.

The Privatisation Commission of Pakistan has issued a request for proposals to firms to help lead a sell-down in State Life Insurance Corp (SLIC).

Cabot Credit Management, the UK debt purchasing firm, on Wednesday raised €310m of secured notes to support its buyout of peer company Hillesden Securities from Faccenda Investments.

BorgWarner, the US car engine and drivetrain maker, furthered the return of reverse Yankee bonds to Europe's corporate market on Monday, by issuing a €500m seven year no-grow deal.

ICBCIL Finance, a wholly-owned subsidiary of Industrial and Commercial Bank of China, has set its sights on a triple-tranche dollar offering split between three and five year fixed rate notes as well as a three year floating rate tranche.

Dometic, the Swedish manufacturer of refrigerators and cookers for camper vans, said on Monday that it aimed to raise Skr4.6bn ($540m) of primary proceeds from an initial public offering in Stockholm.

Amundi, Europe’s largest asset manager, is seeking a valuation of €7bn to €8.76bn in its IPO, the bookbuild for which was opened today (Monday November 2), and will sell a 2% stake to Agricultural Bank of China. Goldman Sachs has joined the top line of the deal.

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

FIG bankers breathed a sigh of relief at the US Federal Reserve’s proposal, released last Wednesday, for implementing Total Loss Absorbing Capacity (TLAC) rules for US Global Systemically Important Banks (G-SIBs), which is seen as less severe than may had anticipated. But the rule as proposed could damage secondary market liquidity.