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As war drags on, banks are boosting hoards of cash after deposit outflows
Just getting a deal done should be considered a success
Deals in the past fortnight have been solid but US Treasury yields are volatile and rising
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Israeli-US pharmaceutical company Teva has priced a $2.1bn bond package at the tighter end of initial price thoughts. Although Teva is still to sign a binding global settlement on its involvement in the opioid crisis, investors were happy to jump aboard a rare double-B issue yielding as much as 7%.
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The Republic of Angola printed a $3bn two tranche trade on Tuesday with no new issue premium, waving off any concerns that investors might be wary of a borrower in a complicated economic situation.
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There is just over a week to go until Thanksgiving, when the number of new emerging market bonds is expected to whittle down for the year, but market conditions look set to remain robust up until then.
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Samir Assaf is to step down as chief executive of HSBC’s global banking and markets (GBM) business in the New Year, as a prelude to a restructuring of the division.
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Three bankers have recently joined Natixis’s telecom industry group. Two are in Paris and one is in Singapore.
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Vicky He has rejoined Credit Suisse after leaving the bank in June.
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