Issues
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Accounting firm MHA trades up on first day on Aim after rare IPO
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◆ Bankers debate new issue premiums ◆ Basis less favourable for reverse Yankees after US jitters ◆ European national champion still awaited
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One of the first facilities from sector heading for boom after Germany announced big spending plans
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◆ BPCE attracts biggest book since February ◆ Long five year appeals to wide range of investors ◆ Pick-up paid over secondaries and OATs
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◆ Australia’s biggest supermarket chain over six times subscribed ◆ Trade started marketing well wide of fair value ◆ Market still trying to find spread levels after chaos last week
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Corporates made up a much bigger chunk of primary supply than in 2024’s first quarter
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Deal is first big ECM deal launched since US tariff imposition
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◆ Quick intra-day trade was ‘right thing to do’ ◆ Tough decision on the starting level ◆ Smaller issuers’ spread to larger peers key to pricing
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◆ US firm picks euros to refi dollars ◆ Investors see whipsawing arbitrage between currencies ◆ General Mills deploys bookbuilding tactics designed to sooth investors
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◆ Short week starts on stronger footing ◆ Gasunie lands with single digit new issue concession ◆ But high order book attrition is on display
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Ex-Credit Suisse banker joined Ares in 2023
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When it seems as if it is only short-term survival that matters, the best bankers don’t lose sight of the distant horizon