Bank of America
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Bayer and Monsanto are circling each other as they both seek acceptable terms for a merger that would create a world leader in crop science. For the equity capital markets, the deal holds out the possibility of one of the world’s largest ever rights issues. -
Agro-chemical giant Monsanto this week rejected a first, $62bn takeover approach from Bayer but with both companies open to a deal, banks, led by Bank of America Merrill Lynch and Credit Suisse, are preparing for the huge financing package expected.
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Axis Bank revived Indian green bond issuance this week with the country’s third international deal. Financial institutions are expected to dominate the pipeline for the rest of the year, as the challenge of issuing offshore deters other borrowers, writes Narae Kim.
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361 Degrees has made a smooth debut in the dollar bond market this week, raising $400m from a five year non call three deal. Thanks to the niche industry and strong technicals, the deal tightened 30bp in secondary as investors who did not get an allocation in primary rushed to the aftermarket.
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The City of Buenos Aires lived up to its reputation as the best sub-sovereign credit in Argentina after pricing a new bond just 50bp over where leads believed the sovereign would have sold a new 10 year.
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Monsanto has rejected Bayer’s all-cash bid of a $62bn enterprise value as “incomplete and financially inadequate”, but left the door open to an improved offer.
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UK investors showed no jitters on Tuesday about a potential UK exit from the European Union, as the sovereign’s last syndication before the EU membership referendum drew a book of more than £15bn — a record for an inflation-linked Gilt syndication.
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Monday's three primary deals underperformed in the secondary market, causing deal flow to strike a lighter tone on Tuesday, with two corporates issuing modestly sized offerings.
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Evry, the Norwegian IT firm 88% owned by Apax Partners, has bank meetings on Wednesday morning for its €275m equivalent dividend recapitalisation term loan ‘B’.
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Asia’s green debt market grew further this week with Axis Bank becoming the third Indian issuer to sell green bonds internationally. Although market participants expect more offshore FIG issuance from the country, there are internal and external headwinds to overcome.
