Morgan Stanley is set to raise €1bn ($1.01bn) from an accelerated book build of shares in Reckitt Benckiser, the UK-listed household cleaning products company, in the largest global equity deal so far this year.

It is the largest European deal since the €1.4bn sale of Telecom Italia shares by the Italian treasury in early December. That deal was also led by Morgan Stanley, with NM Rothschild as financial adviser.