Goldman Sachs

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.

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’.

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.

Guarantor: Republic of Austria

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.

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.

Cepsa, the Spanish oil company, and Tyco Electronics, the US sensor technology company whose parent TE Connectivity is headquartered in Switzerland, hit screens with single tranche bond issues on Thursday, giving investors a break from the rash of jumbo deals in euros earlier this week.

Alpha Bank was more than 10 times subscribed on its debut in the tier two market on Thursday, allowing the speculative grade Greek lender to tighten its pricing by up to 100bp and land at an impressive coupon level of 4.25%.

Three SSA issuers brought dollar deals to market on Wednesday, hitting screens in a variety of formats and tenors, making the most of excellent conditions to pull off impressive deals. A fourth is lined up for Thursday.

The US Federal Reserve board has permanently banned Andrea Vella, formerly a senior executive at Goldman Sachs, from the banking industry for his role in the 1Malaysia Development (1MDB) scandal.

The European Investment Bank and the Province of Quebec were well subscribed as they re-opened the dollar SSA market following the extended Lunar New Year holiday. Two more public sector borrowers will follow with dollar bonds on Wednesday, ahead of what is expected to be a busy month in the currency.

Atos has sold most of its remaining shares in Wordline, the French payments company, via an accelerated bookbuild.