Goldman Sachs
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The euro high grade corporate bond market was noticeably calmer this week, but deals for issuers as diverse as Telstra, American Honda, La Poste and Givaudan saw chunky books and shrinking new issue premiums. -
US banks this week reported stellar returns from trading and underwriting in the first quarter, even as the bottom line was hit by gigantic writedowns and reserves for credit losses, as the economic and financial disruption from the coronavirus crisis took its toll.
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Informa, the UK publishing and events company, has taken the decision to suspend its dividend and raise £1bn of fresh equity after the Covid-19 pandemic caused hundreds of its conferences to be postponed.
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Telstra, the Australian telecoms company, printed euro denominated debt through its curve on Thursday, but there is growing concern among bankers that the good times will not last in the bond markets.
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Saudi Arabia followed neighbours Abu Dhabi and Qatar to the international bond markets on Wednesday, achieving a $7bn deal that was nearly eight times subscribed.
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US banks ramped up reserves for credit losses, expanded credit lines and enjoyed bumper trading and debt underwriting volumes in the first quarter, according to results released on Tuesday and Wednesday.
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The Carlyle Group has raised Rp7.6bn ($100m) after selling most of its stake in Indian diagnostic laboratory chain Metropolis Healthcare, according to a source close to the deal.
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Malaysia's Petroliam Nasional and China's Lenovo Group set the stage for new dollar deals on Tuesday, taking advantage of a rally in Asian bonds and improved investor sentiment despite the growing impact of the Covid-19 coronavirus.
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Agence Française de Développement (AFD) was the latest public sector agency to head to the euro market this week as it raised €1.5bn on Wednesday with a 10 year benchmark. While the deal was fully subscribed, the order book was not huge and the pricing did not tighten from guidance, indicating that the market may be slowing.
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It was all eyes on Ireland in the eurozone government bond market this week, as the sovereign printed one of its biggest deals with a record-breaking order book.
