Deutsche Bank

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.

As expected, the loans for the leveraged buyout of Polish auction website Allegro are tightly priced, with tenors of six and seven years for less than 400bp.

Public sector borrower supply is beginning to trickle through after a volatile Monday, but bankers are warning that market conditions are far from perfect — and some issuers are still unwilling to take a chance on a deal.

Gazprom has mandated Deutsche Bank, Gazprombank, UBS and VTB Capital to act as joint lead managers for a Swiss franc bond set to come to market later this month.

Studio City, Shandong Ruyi Technology Group Co, Yanlord Land (HK) and Chengdu Xingcheng Investment Group Co are wooing investors for their respective Reg S bonds. Meanwhile, Shaanxi Xixian New Area Fengxi New City Development & Construction will go on a non-deal roadshow.

TD securities has hired a banker to join its origination and syndication team in London.

US pharmaceutical company Abbvie hit the corporate new issue market on Monday, making its euro debut as a volatile backdrop in government bonds began to filter into the corporate bond market.

German healthcare group Fresenius launched a €400m Schuldschein on Friday and had already received commitments in excess of the launch size by Monday afternoon, as investors lapped up the favoured credit.

Nordea Mortgage Bank (NMB) has successfully issued its first deal. The choice of tenor, along with the issuer’s strong credit profile, and strong sentiment towards the Nordic region, were instrumental in achieving the positive outcome.

Potential lenders to the Z4.8bn loan for the leveraged buyout of Polish firm Allegro will meet in Warsaw on Thursday where the deal will be launched into general syndication.

Banks are yet to reach a unanimous decision on relaxations sought by Royal Industries Indonesia, which defaulted on the first principal repayment of a dual tranche loan signed in 2015. All lenders have to grant approval for the changes to be implemented.

US and European financing markets are wide open for business despite the shock US election result, and banks are pressing on with M&A mandates with seemingly renewed vigour. Elly Whittaker reports.