Deutsche Bank
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Wind Tre, the Italian telecoms group, delivered Europe's largest ever high yield bond issue this week, a €7.3bn deal that has raised the bar for the market and led to expectations that more sponsors will follow suit amid heady investor demand. -
While Verizon and Danone amassed combined order books totalling more than €22.5bn on Monday, US consumer goods company Procter & Gamble returned to the euro market somewhat under the radar for its first deal in the currency in two years.
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Corporate borrowers dashed to print as investment grade spreads maintained their record levels ahead of a sell-off in US Treasuries, as speculation grew that US president Donald Trump would appoint a policy hawk to replace Janet Yellen as Fed chief.
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Just three months after Nestlé last extended its corporate bond curve, the Swiss food group was back in the market. Last Friday it pushed its range of maturities even further out.
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With the benchmark corporate bond market pausing ahead of Thursday’s European Central Bank meeting, Deutsche Bank sold two sole-led sub-benchmark deals following Monday’s feast of issuance.
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A euro and sterling deal from Verizon was the only corporate bond deal in the pipeline when bankers returned to their desks on Monday morning.
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New York’s attorney general has made Deutsche Bank pay a $220m settlement agreement with 45 US states as punishment for its part in the manipulation of dollar Libor and other interest rate benchmarks.
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Mongolia proved this week that it has gone some way to shaking off the twin stigmas of political uncertainty and reliance on commodity income by pulling off a liability management exercise, the new debt portion of which attracted $5.5bn of orders. Addison Gong reports.
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Vincom Retail jumped the final hurdle this week to pulling off the largest ever flotation in Vietnam. The firm is on track to raise D16.1tr ($708.6m) by pricing its offer at the top of guidance, after an unusual schedule.
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Hutchison China MediTech pocketed $300m this week after executing a follow-on offering of its Nasdaq-listed American Depository Shares, increasing the deal size as it went.
