Deutsche Bank
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The dollar bond market for public sector borrowers this week rounded off a spectacular January, with many bankers describing it as “perfect” and the best in five years. -
Euros in the public sector bond market have enjoyed an exceptional run throughout January, providing borrowers from all across the public sector with funding in a tremendous breadth of maturities.
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Deutsche Bank’s tough stance on compensation echoes earlier moves by rivals, but it doesn’t solve the talent crisis at big banks, writes David Rothnie.
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VodafoneZiggo completed a bumper refinancing deal on Wednesday as several other leveraged finance borrowers came to market with euro deals, relentlessly pushing the market's repricing trend further.
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India’s Jain Irrigation Systems sold its maiden international deal on Wednesday, taking $200m from Asia’s first green bond of the year. Finding comparables was a big challenge given the issuer’s focus on irrigation for agriculture, with the leads juggling feedback from investors to find the right price. Rashmi Kumar reports.
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Deal after deal has hit screens in euros this week as issuers from all across the public sector spectrum printed in maturities from five to 30 years.
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In a relatively quiet week for live equity deals, Novartis, one of Europe’s largest pharmaceutical companies, has said it is considering an IPO or spin-off of its eye care division, and a real estate investment trust announced the year’s first London IPO of significant size.
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India is set to welcome its first international green bond of the year, as Jain Irrigation Systems opened books for an up to $250m transaction.
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Public sector borrowers are staying focused on the belly of the dollar curve, with a pair of issuers lined up for Wednesday. Demand at that part of the curve shows no sign of letting up, with two issuers out in fives on Tuesday — one of which was able to increase the size of its issue from its initial target.
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While many of the main euro issuers have already scored their big January benchmarks, the pipeline of euro issuance is growing increasingly congested, although the range of maturities on offer should allow borrowers to avoid treading on each other's toes.
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Shui On Land secured a $500m four year bullet on Monday from an order book more than six times subscribed, showing the continued interest from investors in Chinese property names for the right price.
