Citi
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The heap of failed IPOs in Europe this year is mounting, with another two deals cancelled this week, almost at the last minute before completion, write Olivier Holmey and Rashmi Kumar. -
The dollar market will still be the place to go for SSAs next week as the euro market comes to terms with a rampant repricing, but not every deal in the market this week fared spectacularly well.
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Despite choppy markets leading to a quiet week for corporate issuance, the pipeline remains strong with several new issuers announcing roadshows for deals set to be launched this month.
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The 3M Co, the US maker of adhesives and a wide range of manufactured goods, highlighted a renewed bid at the long end for euro corporate paper this week, drawing a three times oversubscription for the 15 year component of a triple tranche trade.
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The US high-grade market continued its hot streak this week, with more than $23bn of new corporate deals being priced in three days despite heightened volatility.
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Banca Monte dei Paschi di Siena is set to launch its long-awaited rights issue, for up to €3bn, later this month, after the European Central Bank gave approval for the deal on Wednesday.
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China Minsheng Banking Corp (CMBC) Hong Kong and Agricultural Bank of China (ABC) New York have opened books to debut dollar notes on May 14, a week after China Merchants Bank (CMB)’s New York made a debut on the back of strong demand.
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Huawei Technologies has launched its $1.2bn five year fundraising into general syndication, after firming up 12 mandated lead arrangers and bookrunners.
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The 3M Co continued this year's strong run of US corporate bond issues in euros on Wednesday, using three tranches to raise its largest ever deal in the currency.
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A pair of SSAs printed dollar benchmarks at the short end on Wednesday — a choice likely to be followed by another issuers in the currency next week.
