BNP Paribas

Deutsche Bank is one of the biggest losers from Broadcom’s failed $142bn bid for Qualcomm after US president Trump issued an extraordinary order to block the world’s biggest technology deal on national security grounds. Silas Brown and David Rothnie report.

Lotte Shopping raised W303.6bn ($285.4m) from a five year put three exchangeable bond on Wednesday, which some bankers thought was priced at overly generous terms.

Emirates Airlines has set the yield for its benchmark sukuk at a level representing a negative new issue premium, according to a banker on the deal.

Republic of Côte d'Ivoire was already hitting milestones with its new dual tranche euro trade on Thursday. Its 30 year offering is both the longest ever euro bond from sub-Saharan Africa, and looks set to be one of the highest yielding euro-denominated bonds from any sovereign in recent years.

Sanofi, the French pharmaceutical company, priced on Wednesday the largest corporate bond deal so far in 2018, an €8bn six-tranche deal. The company regularly uses a multi-tranche approach to the market, but this was its largest deal so far in any currency.

Dubai-based developer Majid Al Futtaim printed its third hybrid bond on Tuesday, a $400m perpetual non-call eight year. In the absence of a strong Asian bid, real money European investors anchored the book.

The IPO of Siemens Healthineers, the healthcare technology division of Siemens, is covered throughout its revised price range, according to a banker involved in the transaction.

Tikehau Capital, the French alternative investment manager, has committed a €250m order for the IPO of DWS Group and has initiated discussions on potential cooperation between the two firms, including on alternative asset management distribution.

Public sector borrowers found buckets of dollar demand on Tuesday, as a French agency sold its largest ever benchmark in the currency and a supranational printed a trade at the upper end of its historical size range. Another supra is lined up to test whether that demand will hold on Wednesday.

Bankers and investors said that a new deal from Paprec Group, the French waste recycler, showed that the supply of refinancing deals still had legs and could boost overall issuance volumes in the high yield market. Paprec's deal was also green, but did anyone care?

Spanish telecoms company Telefonica has announced the sale of its latest hybrid new issues while also tendering for several of its outstanding hybrids. After over a month since the last benchmark euro hybrid issue, investors contributed to a large order book.

After a reasonable wait, investors are starting to see the more frequent investment grade corporate bond issuers return to the market. On Tuesday, French materials company Saint-Gobain and French telecoms operator Orange sold benchmark deals and UK media company WPP sold a dual-tranche issue.