Banks

Switzerland’s Roche has agreed to buy US company Spark Therapeutics for around $4.8bn, with analysts predicting minimal impact on the healthcare multinational’s credit metrics thanks to large forecasted free cash flow.

German industrial services company Bilfinger has launched a Schuldschein months after pulling a transaction in public markets. The BB-rated company is offering a spread substantially higher than the typical Schuldschein borrower, in the hope that lenders will forego its failed foray and be charitable with its chequered past.

Covered bonds issued by Intesa Sanpaolo, Axa Bank and Aktia on Tuesday “flew out the door”, according to leads, with the depth and breadth of demand surpassing expectations. The superb conditions may not last, but exuberance is expected to prevail for now.

Almarai, the largest dairy company in the Middle East, has tightened price guidance for its dollar benchmark sukuk as investors jump on the offer of exposure to a company of “critical importance to Saudi and the GCC”.

Qatar International Islamic Bank has tightened price guidance on its five year sukuk and set the size of the deal at $500m after books for the note exceeded $2.9bn.

One of ING’s emerging markets syndicate bankers has left the bank, according to sources familiar with the matter.

Sir Gerry Grimstone, whose departure from Barclays was announced last week, is joining a joint venture between Investcorp and Aberdeen Standard Investments as chair.

Credit Suisse has promoted a clutch of bankers to senior group roles, with Lydie Hudson joining the group executive board.

Philippine oil company Petron Corp has returned to the offshore loan market after a two year absence, picking a bigger lead group that has allowed it to achieve much tighter pricing.

When will the supply of Chinese property bonds end? Bankers detected hints of indigestion after a rush of deals last week, but that does not appear to have slowed down the mass of supply. Five more companies turned to dollar bond investors on Monday.

JP Morgan has boosted its Australia equity capital markets team with the appointment of Mark Bellofiore, a former Goldman Sachs banker, according to a source familiar with the matter.

China’s Guorui Properties priced a smaller-than-expected new bond ahead of a looming $250m maturity on March 1. But investors are still wary of another one of the company’s bonds: a $300m deal that becomes puttable in the same month.