Bank of America

SBI Cards and Payment Services was riding high on Thursday after a rush of institutional investor demand pushed its billion-dollar IPO through a coronavirus-driven slump in local and global markets this week. Jonathan Breen reports.

Clayton, Dubilier & Rice has launched a take-private bid for UK based healthcare marketing and PR firm Huntsworth, bidding an enterprise value of £524m for the company. The debt financing for the deal is a $295m term loan and a £35m revolver provided by Royal Bank of Canada.

Ninety One, the asset management division of Investec, has set a price range for its IPO on the London Stock Exchange, despite extreme market turbulence caused by the spread of the Covid-19 coronavirus across the globe.

SBI Cards and Payments Services has kicked off its up to Rp103.4bn ($1.4bn) IPO, with over one quarter of the deal subscribed by anchor investors.

Bank of America makes Vicario EU CIB head — Citi names Iberia heads — Daiwa swaps Purton for Caillebotte

SBI Cards and Payments Services, a State Bank of India subsidiary, set the final price range for its IPO, putting proceeds of up to Rp103.5bn ($1.44bn) in reach for when it launches the deal next week.

H Lundbeck, the Danish pharmaceutical company, has mandated banks for a five year debut euro benchmark from its new bond programme, after gaining US regulatory approval for a new migraine treatment.

SBI Cards and Payments Services has finalised the price range for its IPO, which is set to be worth up to Rp103.5bn ($1.44bn) when it is launched next week.

With most high yield companies still preparing annual numbers, the primary bond market saw only two US-based issuers choosing to print unsecured deals this week. The deals were in popular industries and intended to refinance existing debt, but with the strong market backdrop one issuer opted to boost the size of its issue.

US bond market tourists poured into high grade euros this week, where tiny concessions and a cheap overall cost of funding saw a string of successful trades.

Avenue Supermarts’ founder Radhakishan Damani and members of his family offloaded a portion of their shares in the company this week, raising more than Rp34.3bn ($478.1m). The deal came just days after the company issued a chunk of primary stock.

India’s equity capital markets have had a strong start to the year, pumping out a steady flow of large IPOs and secondary share offerings on the back of a big uptick in foreign investment. The country’s ECM pipeline is offering banks relief amid a slowdown in Hong Kong. Jonathan Breen reports.