Europe
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Goldman Sachs is out of the running for the IPO of ABN Amro, according to a banker still competing for the deal. That leaves six banks still in the race.
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Slovenia gave CEEMEA the privilege of producing the first post-Greek agreement Eurozone sovereign deal this week. Pricing with only a single digit new issue premium and a pack of investment grade accounts in the book proved the sovereign is increasingly leaving its EM roots behind. But the success will still raise hopes among CEEMEA governments looking for duration.
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Ado Properties, the Berlin-focused residential property company, priced its relaunched IPO on Wednesday at the bottom of its price range. The shares fell 2.5% on their debut on Thursday. -
Nationwide Building Society stood out on another busy day in the covered bond market, shaking off three rivals to print a €1bn mortgage backed bond on Thursday in line with Lloyds and Bank of Nova Scotia.
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KommuneKredit priced its first Canadian dollar benchmark in line with guidance this afternoon after increasing the deal in response to strong central bank demand.
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A return of stability in the European credit market has exposed mounting concerns for companies involved in commodities trading, with sector names underperforming credit indices and cash bonds.
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Ak Bars Bank has mandated Credit Suisse and UBS to arrange a Eurobond. If the deal goes ahead, it will be the first new issue from Russia this year.
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Synlab, the German laboratory services provider, is being acquired by private equity firm Cinven. The deal will be partly funded with €1.08bn of high yield debt which was priced on Thursday.
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Georgian firm Rustavi Azot released price guidance for its $180m five year non-call three notes on Thursday, and now expects to price the bond on Monday.
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StormHarbour said it has hired Federico Buccellati, the former head of advisory for southern Europe at HSBC, as a senior advisor.
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The Russian government has joined a growing group of sovereign CPI-linked bond issuers, and analysts expect the government to return for at least one more sale this year.
