Banks

Israeli-US pharmaceutical company Teva has priced a $2.1bn bond package at the tighter end of initial price thoughts. Although Teva is still to sign a binding global settlement on its involvement in the opioid crisis, investors were happy to jump aboard a rare double-B issue yielding as much as 7%.

High grade companies stormed the European bond market with an array of tranches on Wednesday, and investors snapped up the trades, despite it being so late in the year.

Immobiliare Grande Distribuzione, a crossover-rated Italian property company, brought a sub-benchmark five year bond on Wednesday and shaved 25bp off the spread during execution.

Rentenbank raised €1bn of 10 year cash on Wednesday. The deal did not reach full subscription and the leads were unable tighten the spread from guidance, thanks to a rates sell-off affecting demand from Asia.

France’s SNCF has signed a €3.5bn sustainability-linked loan, with the state-owned railway company only able to use the facility from the start of next year after the country’s reform bill is enacted.

Dechra Pharmaceuticals, the UK veterinary pharmaceuticals company, has sold euro and dollar US private placement notes, in a debut widely seen as a success.

The Republic of Angola printed a $3bn two tranche trade on Tuesday with no new issue premium, waving off any concerns that investors might be wary of a borrower in a complicated economic situation.

CNP Assurances won healthy demand for a green tier two capital bond issue this week, as insurance companies begin to embrace the idea of printing capital instruments as socially responsible investments.

Samir Assaf is to step down as chief executive of HSBC’s global banking and markets (GBM) business in the New Year, as a prelude to a restructuring of the division.

Three bankers have recently joined Natixis’s telecom industry group. Two are in Paris and one is in Singapore.

Vicky He has rejoined Credit Suisse after leaving the bank in June.

Hong Kong-listed Semiconductor Manufacturing International Corp (SMIC) has tapped an existing convertible bond for $232m.