Goldman Sachs
-
Two coffee firms are marketing high yield bonds this week, as a strong market backdrop encourages sponsors to lock in cheap funding. The two issues sit at opposite ends of the coffee spectrum — service station self-serve and high end barista-style kit — but both companies are sponsor-owned single-B names. -
Germany’s Deutsche Bahn printed a €2bn dual tranche hybrid trade on Monday, with bankers off the deal heaping accolades on the borrower.
-
JP Morgan, Citi and Goldman Sachs kicked off the third quarter results season for investment banks on Tuesday. While debt and equity underwriting revenues grew substantially at JP Morgan compared with the equivalent quarter of last year, they fell at Goldman.
-
Investors pounced on the opportunity to buy a bond with a positive yield in the euro market by KfW on Tuesday. Elsewhere, the Asian Development Bank drew strong demand to sell its biggest ever green bond in euros following its debut in 2018.
-
The World Bank appointed banks on Tuesday to lead its first 10 year dollar benchmark in almost two years to join a flurry of SSAs who have recently ventured into this rarely visited part of the curve in the currency. Meanwhile, Finnvera has mandated banks for its second syndicated trade of the year.
-
Argenta Spaarbank and Sumitomo Mitsui Financial Group were both marketing senior bonds on Tuesday, making use of the favourable backdrop in the primary market. While Sumitomo was quick to build demand for its bond, Argenta struggled to gather enough demand volume to move the spread from price thoughts.
-
High grade corporate borrowers were quick out of the traps on Monday, cramming in before the blackout period to raise around €5bn-equivalent of bond funding from order books many multiples of that.
-
The euro SSA market kicked off this week with KfW targeting the long end and the Asian Development Bank (ADB) hitting screens for a 10 year euro green bond — its third syndicated bond in as many currencies in just a few days.
-
The six biggest US investment banks alongside three European firms have created DirectBooks to assist primary market bond sales. It aims to start in the US investment grade corporate market before branching out to other fixed income products.
-
Dutch chemicals company OCI is issuing almost $1.4bn of senior secured notes to repay outstanding debt, with a long term aim of simplifying its capital structure and deleveraging.
-
Enel, the Italian power and gas company that is the first, and only, issuer of bonds with sustainability-linked coupons, proved this week that the structure appeals to European green-minded investors, by raising €2.5bn at a spread several basis points tighter than it could have achieved with a normal bond. Jon Hay and Mike Turner report.
-
