Bank of America
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Investors showed signs of wilting under the torrent of callable bond structures as BNY Mellon, Goldman Sachs and Wells Fargo continued the rush by US banks to print bonds aimed at cutting the cost of complying with Total Loss Absorbing Capacity (TLAC) rules. -
The IPO of Misys, the UK banking software producer, was pulled on Thursday morning despite the books being covered at the base size, in another demonstration of the sour mood that has gripped the new issue market since the Nets IPO and the Conservative Party conference.
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The wrecking of the autumn IPO calendar got worse this week as Misys, the UK banking software company, pulled its IPO, though ConvaTec managed to raise £1.7bn and Ahlsell Skr6bn. Surprisingly, writes Aidan Gregory, further companies are still coming forward with IPO plans.
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Jacobs Douwe Egberts rode the market repricing wave emphatically this week, increasing its new loan offering to €1.3bn and cutting margins on existing loans to just 225bp.
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Investors have greeted India’s latest IPOs with open arms, as PNB Housing Finance and Varun Beverages seek to raise Rp41.1bn ($616.9m) this week.
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Chinese fashion house JNBY sealed a HK$800.0m ($103.1m) IPO this week after pricing off the bottom of guidance, according to a source close to the deal.
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A trio of issuers on Wednesday were able to tighten pricing or print above their minimum targets — or both — in another strong day for the dollar market.
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Informa, the UK events and publishing company, has completed its £715m rights issue, which it launched in September to partly finance its £1.2bn takeover of Penton, a US competitor.
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US pharma giant Merck reached for a long tenor on Wednesday, in the process reopening the market for ultra-long trades as it issued a 20 year tranche.
