Citi

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.

UK health retailer Holland & Barrett has launched £900m-equivalent of loans backing its £1.77bn buyout by L1 Retail, the consumer focused arm of holding company LetterOne, founded by Russian billionaire Mikhail Fridman.

Poland’s PKO Bank offered IG investors a healthy pick-up to the Polish sovereign curve with its new four year note on Tuesday.

Korea Hydro & Nuclear Power grabbed a modest $300m from its 10 year bullet in a busy primary market on Tuesday, tempering its expectations to seal a smaller size at a decent price.

Kazakhstan’s independent oil and gas company Nostrum navigated a tricky price discovery process to print five year bonds at 8% on Monday after what has been a difficult few months for the company.

Books were over €1.6bn for PKO Bank’s for year senior note on Tuesday. The deal is the first senior trade from the issuer since 2014.