Citi

The deal the equity-linked bond market has been awaiting for months has arrived this evening. Bayer, the German life sciences group, has launched a €4bn mandatorily convertible issue as the first part of its $19bn equity financing for its takeover of Monsanto.

Mylan, the US pharmaceutical company, rode its industry’s wave of post-Donald Trump euphoria on Tuesday as it revived a multi-tranche euro bond issue that it had delayed amid political noise in September.

Two live IPOs in Asia are seeing an encouraging response from investors, with Donald Trump’s surprise victory in the US presidential election having little impact on their bookbuilds.

Central American sovereign Belize could be forced into a restructuring or exchange of its so-called “super-bond” due 2038 after it said it was looking to meet bondholders to discuss the country’s “serious economic and financial challenges”.

In the midst of an aggressive EM bond rout, Egypt was given a much needed boost after the International Monetary Fund approved a three year $12bn loan on Friday.

Ceská telekomunikacní infrastruktura (CETIN) added to the trickle of EM bonds expected before year end on Monday and met investors this week for a euro denominated bond. The BBB rated issuer is hoping to benefit from demand from both EM and high grade corporate accounts.

Steve Lam, a Hong Kong-based director in Citi’s capital markets origination team, has left, according to sources close to the matter.

Adani Ports and Special Economic Zone, one of India’s largest port operators, is planning a comeback to the international bond market after more than a year.

Bankers said that none of the three names in the visible Lat Am pipeline would be likely to issue any time soon as a sell-off in US rates brought sudden volatility to EM bond markets, even in economies not considered affected by a Donald Trump presidency.

Two corporates hit the new issue market on Thursday, one clinching a 0% yield and the other paying only a single digit new issue premium, despite volatility in rates markets.

Asia’s equity capital markets recovered quickly in the wake of Donald Trump winning the White House, with most of the indices regaining their losses in Thursday’s trading. Primary issuance also took off, with some keen issuers pulling the trigger on their IPOs. Jonathan Breen reports.

Eight lenders joined the four lead banks in syndication of the loan for International Bank of Azerbaijan, which grew beyond $200m in syndication.