Europe
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A pair of issuers reopened the 10 year part of the dollar curve for sovereigns, supranationals and agencies this week, but despite both trades gaining plaudits there is still scepticism over whether a $2bn-plus sized deal is possible. -
One of the major political risks facing the public sector borrowing markets this summer was solved overnight on Tuesday, after the Eurogroup agreed the release of €10.3bn of bail-out funds to Greece. Officials in the country are also optimistic that its debt could benefit from central bank buying as soon as next year, writes Lewis McLellan.
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Bayer and Monsanto are circling each other as they both seek acceptable terms for a merger that would create a world leader in crop science. For the equity capital markets, the deal holds out the possibility of one of the world’s largest ever rights issues.
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Nykredit Realkredit is set to sell the first in what could be a series of contractually bail-inable senior bonds from Danish banks, which are seeking a solution to additional capital requirements set by the national regulator.
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Dong Energy began the bookbuild for its Copenhagen IPO on Thursday, at a price range of Dkr200 to Dkr255 a share, which would give it a market cap of Dkr83.5bn to Dkr106.5bn ($12.5bn-$16bn).
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UniCredit took advantage of a strong rally in subordinated paper to raise €750m of new tier two funding on Thursday, despite being on the lookout for a new chief executive and a new capital strategy.
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Agro-chemical giant Monsanto this week rejected a first, $62bn takeover approach from Bayer but with both companies open to a deal, banks, led by Bank of America Merrill Lynch and Credit Suisse, are preparing for the huge financing package expected.
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The UK’s financial watchdog has warned banks that terminating client relationships deemed ‘risky’ may have some unexpectedly litigious consequences.
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China had no problem selling its first offshore renminbi bond outside of Hong Kong as a strong showing from central banks pushed the deal to be more than twice subscribed.
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DBS Bank in Singapore this week issued its first deal in Australian dollars, the first covered bond from an Asian lender and the first benchmark sized Kangaroo covered bond of the year.
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