Goldman Sachs
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Two sterling public sector bond issues were announced on Tuesday, but aside from timing, the trades had little in common. The UK Debt Management Office printed £2.5bn at 50 years, while the International Finance Corp raised £350m with a seven year. -
Italy printed €9bn with a 15 year benchmark on Tuesday, wowing onlookers with a new Italian order book record and a 4bp move from initial price thoughts.
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Honeywell International, the US technology and manufacturing conglomerate, is heading to Europe for a bond issue, as Reverse Yankees continue to be popular.
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US buyout group KKR has said it will not make a bid for the beleaguered UAE healthcare company NMC Health, dampening investor hopes of a rescue buyout and sending its shares and convertible bonds lower.
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Goldman Sachs has announced a deal called Magenta CMBS to finance Thai conglomerate DTGO Corporation’s purchase of 17 regional hotels across the UK from Marathon Asset Management. The deal is the first CMBS linked to Sonia, with the commercial real estate market proving slower than consumer assets classes to switch from Libor.
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Korea Development Bank raised $1.5bn from the bond market on Monday as investors showed strong support for the Aa2/AA/AA- rated issuer.
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Italy is on screens with a 15 year benchmark, opting for the long end of the curve in spite of the concern some bankers have expressed about the difficulty of selling long dated debt.
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Piraeus Bank has mandated lead managers for the sale of a new tier two, as it looks to follow the success of its compatriot Alpha Bank. Greek banks have emerged as big winners in the secondary market recently, with investors shrugging off risks and focusing on ‘only the positives’.
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The IPO of Calisen Group, the UK operator of smart meters, is due to be priced at 240p a share according to final messages from boorkunners, slightly below the midpoint of the 225p-265p initial range, valuing the company at £1.29bn.
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Greek banks looking to bring new bonds will do well to follow Alpha Bank’s example, when on Thursday it sold its inaugural tier two bond. Backed by thorough investor work and supportive market conditions, the Greek lender’s new bond exceeded yield and demand expectations.
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As Goldman Sachs hunts for incremental gains in its investment banking division, it need look no further than its European franchise, where it continues to trail JP Morgan, writes David Rothnie.
