Bank of America
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The IPO of OVS, the Italian clothing retailer, is progressing well, helped by a juicy discount to comparable stocks.
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General Motors issued a €500m three year bond on Tuesday, its second in euros since the financial crisis after announcing a fifth consecutive year of profitability. -
Bank of America Merrill Lynch has poached a senior equity strategist from Citi for its Japan research team, with the new hire set to start working at the firm from April 2.
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OCI NV, the Amsterdam-listed Egyptian construction, fertilisers and chemicals group, has announced details of its plan to demerge its construction business, in a deal that could help revive Middle Eastern equity capital markets activity, which has been flagging this year since the collapse of the oil price.
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German company Infineon Technologies, which makes semiconductor products for the automotive, energy, industrial and home appliance industries, has mandated banks for possible three and seven year euro bonds totalling €800m to refinance a bridge loan for its acquisition of US company International Rectifier.
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This week was supposed to be all about IPOs in the European equity capital market, with the pricing of a string of deals, above all the highly successful €4.25bn privatisation of Aena, the Spanish airports operator. But a carnival of block trades on Thursday stole the show, as sellers from British Telecom to Silvio Berlusconi pounced on a rising market, either to lock in recent gains opportunistically or to further strategic business needs. Jon Hay reports.
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With up to $50bn of additional tier one deals expected to hit the bond markets this year, bank funding teams are praying that this evolving but crucial asset class can settle down and help them meet their capital needs.
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Apple may well be the darling of the bond markets but arch rival Microsoft proved that it is still a massive draw when it printed the biggest deal of the year at tighter spreads than its rival.
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Tyco Electronics and Tyco International baffled bankers this week by announcing mandates for euro bonds within days of each other.
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Swedbank on Thursday took to the dollar market to sell the first additional tier one from a Nordic bank with a conversion to equity feature.
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Argentine quasi-sovereigns are continuing to benefit from investor hopes for a settlement between holdout creditors and the government by issuing cross-border bonds — and are helping to alleviate the country’s dollar shortage in the process.
