Bank of America
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The heap of failed IPOs in Europe this year is mounting, with another two deals cancelled this week, almost at the last minute before completion, write Olivier Holmey and Rashmi Kumar. -
The dollar market will still be the place to go for SSAs next week as the euro market comes to terms with a rampant repricing, but not every deal in the market this week fared spectacularly well.
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Despite choppy markets leading to a quiet week for corporate issuance, the pipeline remains strong with several new issuers announcing roadshows for deals set to be launched this month.
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The US high-grade market continued its hot streak this week, with more than $23bn of new corporate deals being priced in three days despite heightened volatility.
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Eurazeo sold a 7.8% stake in Moncler, the French-Italian skiwear maker, through an accelerated bookbuild over Wednesday night. The book was covered, though price information suggested Bank of America Merrill Lynch had sold the block at below the underwritten price.
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The Asia Pacific Loan Market Association has elected a new board of members to lead the industry body.
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Archroma, the Swiss colour and speciality chemicals company, is sounding out early bird lenders for a $404m loan that will fund an acquisition and refinance debt.
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China Minsheng Banking Corp (CMBC) Hong Kong and Agricultural Bank of China (ABC) New York have opened books to debut dollar notes on May 14, a week after China Merchants Bank (CMB)’s New York made a debut on the back of strong demand.
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Acromas Bid Co sold a £239m stake in UK insurance provider Saga on Tuesday evening, giving investors a rare chance to buy a chunk of shares in the company.
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A pair of SSAs printed dollar benchmarks at the short end on Wednesday — a choice likely to be followed by another issuers in the currency next week.
