Deutsche Bank
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Telecoms company TDC fired the opening shot of a multi-billion funding package for its leveraged buyout this week, with some investors showing mixed feelings about such deals. -
Chinese tutoring service provider Puxin Education & Technology Group has filed draft documents for an IPO of American Depository Shares (ADS), targeting $300m, according to a banker on the deal.
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The UK Debt Management Office again broke a couple of syndication records as it extended the Gilt curve on Tuesday, but onlooking bankers felt the real story was how the underlying Gilt curve behaved through the deal.
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The euro market got off to a fine start this week as a supranational rarely seen in euros appeared at five years and a mainstay of the market pulled off another successful trade. But later in the week, cracks began to show.
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US pharmaceuticals company Mylan made its third visit to the euro corporate bond market in three years on Wednesday when it sold a €500m seven year deal with a €1.3bn order book.
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German screws and fastenings wholesaler Würth this week found its domestic investor base had stayed loyal after a three year hiatus from the corporate bond market. However, it also found material offshore interest too.
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Arion Banki, the domestic arm of failed Icelandic bank Kaupthing, plans to become the first bank in Iceland to return to the stockmarket nearly a decade on from the financial crisis, having announced its intention to float on Nasdaq Iceland and Nasdaq Stockholm.
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South Africa raised $2bn in a difficult market on Tuesday, after US Treasuries widened unexpectedly at just the moment that the sovereign began marketing its new deal. The resulting sell-off in both South Africa’s curve and the rand meant that the issuer was not able to tighten pricing as much as had been anticipated, and the deal was smaller.
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Foreign banks operating in the US could be allowed a more flexible funding structure, according to Randall Quarles, Federal Reserve vice-chairman for supervision. It could lower the cost of trapping liquidity and capital instruments in the intermediate holding companies (IHCs) they had to set up to keep operating in the US.
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Market sources said rising political uncertainty in the eurozone was to blame for the second deal pulled from the European high yield bond market so far in May, as Greek issuer Pangaea cancelled its high yield roadshow on Thursday.
