Bank of America

Bank of America Merrill Lynch’s head of Asia Pacific M&A Stephen Gore is leaving the firm, according to sources.

Lonza, the Swiss pharmaceuticals group, has completed its Sfr2.25bn rights issue, to part-finance its takeover of Capsugel, the US maker of medicine capsules, from KKR.

Volatility late in the week failed to dampen a scorching few days of public sector dollar issuance, auguring well for more expected supply in the currency next week. Four issuers — some of which came this week to avoid other trades pencilled in for next week — were able to price deals at tight levels, with some coming through their curves.

Shares in Koninklijke VolkerWessels, the Dutch construction and engineering company, had risen 3.8% by lunchtime when they began trading in Amsterdam on Friday, after the company's €575m IPO had been priced at €23 a share.

CK Hutchison sold a hybrid bond featuring a dual-step structure this week, designed to qualify for partial equity treatment from ratings agencies. While demand was strong for the $1bn deal, priced off the back of a $4.25bn book, some handholding was needed to make investors comfortable. Addison Gong reports.

If ever there was competition in the overnight block market in Hong Kong, then Wednesday was it: four deals were priced to raise a combined $630m.

WuXi BioLogics, which is planning a $200m-$300m IPO in Hong Kong, is set to begin investor education next week if the stock exchange grants it approval at a listing hearing on May 15, said a banker close to the deal.

A Hong Kong-based banker in the Asia Pacific leveraged finance team of HSBC has resigned, and is understood to be heading to Bank of America Merrill Lynch, according to sources.

Public sector issuers “can do whatever they want” in a rampant dollar market, with investors ploughing into books despite deals pricing close to or flat to their curves.

CK Hutchison priced a $1bn hybrid bond at 4% on Tuesday, with the deal featuring a dual step-up to qualify for partial equity treatment from ratings agencies. And while investor appetite was strong, some handholding was needed behind the scenes.

The victory of Emmanuel Macron in France's presidential election opens wide the window between now and the UK general election for IPOs to be done. The block trades market is also strong, with several large deals completed so far this week.

Public sector borrowers are rushing back into dollars after a quiet few weeks for the currency, with a trio of issuers taking indications of interest for Wednesday business.