Pre-migration untagged articles

China Construction Bank priced its $8bn IPO at the high end of the revised price range yesterday (Thursday), after a hugely successful roadshow and bookbuild that left the shares 10 times oversubscribed.

China Construction Bank priced its $8bn IPO at the high end of the revised price range yesterday (Thursday), after a hugely successful roadshow and bookbuild that left the shares 10 times oversubscribed.

The US auto industry again dominated the credit default swaps market in London and New York for much of this week, although by yesterday (Thursday) dealers said the market had run out of steam.

Last week we suggested that the serious problems at Refco and its trading subsidiaries could be only the tip of the iceberg. Now it would seem that the iceberg isn't large enough to sink a flotilla of Titanics, and a diverse group of former Goldman Sachs partners are standing by with salvage tugs.

HSBC and SG last Friday finished pricing a two-part securitisation of UK and French commercial real estate, achieving a very tight execution on the euro-denominated issue. The deal is in fact two securitisations; one pooling UK properties and issued through a UK SPV, and the other secured on French assets. The four borrowers — Proudreed France and Paris Properties, and LCP Real Estate and Proudreed Real Estate — are ultimately owned by the same group of property entrepreneurs. The deal will allow the group to refinance existing bank debt, extend its maturity profile and diversify its investor base.

JP Morgan has become the second credit derivatives counterparty to go live on T-Zero, the trade processing platform, and put through its first trades this week. It joins Goldman Sachs, which was the original dealer, to go live on T-Zero. The alliance with JP Morgan is a coup for T-Zero as it is one of the biggest global credit derivatives dealers. Additional major dealers are expected in the near future, and "more than five major banks" will be putting trades through T-Zero by the end of November, according to T-Zero president Mark Beeston.

Three more Kazakh banks are set to come to the market over the next few weeks, although this will depend on whether the bid from emerging market funds and private banks remains in reasonable shape. Kazkommertsbank is to issue the country's first international tier one capital security; Bank TuranAlem will sell a $350m three year floater; and Alliance Bank has mandated ABN Amro and Citigroup to lead a five year dollar deal.

The Moody's gang rolled into town this week, taking up residence at London's delightful Dorchester hotel. The occasion: Moody's and the International Capital Markets Association's third annual asset backed commercial paper and SIVs conference.

Alternative liquidity tools were the dominant issue of discussion at the third annual asset backed commercial paper and structured investment vehicle conference, held by Moody's and the International Capital Markets Association in London on Tuesday.

Morgan Stanley will be thanking its lucky stars that it avoided being torpedoed by Refco, but there must have been roars of disapproval down the Stanley corridors of power when its arch-rival, Goldman Sachs, was retained, together with a couple of bigwig Wall Street veterans, to clean up the Refco pools of blood on the floor.