Citi

Greece is set to make its much rumoured return to the debt markets this week, bringing a new five year bond alongside a switch and tender offer for its original comeback issue, an April 2019 sold three years ago. Bankers away from the trade expect the trade to go well, despite coming just as the summer slowdown is set to start.

FMS Wertmanagement came shooting out the blocks on Monday with an early mandate for a global benchmark. The issuer has opted for a five year, with banks on the trade citing strong investor appetite for dollar paper at that point of the curve.

Just one borrower occupied European high yield bond pipeline at the start of this week giving the impression the market is about to slow for summer. Bain Capital’s hygiene product supplier Diamond, is out on a roadshow.

Industrial Bank of Korea (IBK) began marketing a subordinated perpetual bond on Monday morning, the first dollar additional tier one note from a South Korean policy bank.

A US pension fund has filed a class action lawsuit against ZTO Express and the banks that underwrote its $1.4bn IPO on the New York Stock Exchange last year.

BAML and Citi’s M&A and advisory businesses shone this quarter, thanks to sustained investments in moving up the investment banking table, and to a series of chunky deals where both firms have been prominent. Goldman and Morgan Stanley, still the top two banks in the market, saw advisory revenues flatline in the second quarter.

Bank of America Merrill Lynch (BAML) and Citi’s M&A and advisory businesses shone this quarter, thanks to sustained investments in moving up the investment banking table, and to a series of chunky deals where both firms have been prominent. Goldman and Morgan Stanley, still the top two banks in the market, saw advisory revenues flatline in the second quarter.

Investors jumped at the chance to buy rare longer dated investment grade African risk on Thursday enabling Banque Ouest Africaine de Développement (BOAD) to raise $850m with a 10 year benchmark on Thursday.

A pair of three year prints in dollars provoked very different reactions from GC BondMarker voters in the second quarter. Read on to find out more in this week’s BondMarker round-up, which looks at the most notable dollar deals of the last quarter.

Banque Ouest Africaine de Developpement (BOAD) offered investors a rare chance to buy longer dated investment grade African risk with a new 10 year benchmark on Thursday.

US cleaning products maker Diversey has accelerated commitments on its €1.6bn-equivalent of loans, backing Bain Capital’s $3.2bn carve-out of the business from Sealed Air, despite one investor in London expressing concern over the deal’s leverage.

Bain Capital is calling on the recent demand for lower rated high yield bonds in Europe to fund the acquisition of US cleaning products supplier Diversey Care.