Goldman Sachs
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The US corporate bond market continued to crank out investment grade deals despite fears of a global recession battering risk assets this week. -
Market participants are confident that FIG issuance will pick up next week but there are concerns around secondary performance. They are likely to pay close attention to how this week’s deals from Goldman Sachs and Credit Suisse fare before marketing their own.
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London football club Tottenham Hotspur FC has entered the US private placement market, looking for £350m to partly pay off bank loans generated from the construction of its new stadium.
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Goldman Sachs was set to price a new euro-denominated bond on Wednesday, the first unsecured transaction from a financial institution in about two weeks. With demand peaking at €2.7bn, the issuance could encourage other issuers to follow suit.
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ING's Turkish arm, ING Bank AS, has raised a $309m-equivalent trade finance loan from international lenders. The deal is a precursor to the year's second round of Turkish bank refinances, expected to begin in the next month.
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Snap, the US technology company behind Snapchat, has issued a $1.1bn convertible bond due in 2026, after the stock began to trade above its IPO price again following a strong set of first half results a fortnight ago
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Chinese biotechnology company Venus Medtech (Huangzhou) is seeking approval to list in Hong Kong, having filed a draft prospectus with the city’s bourse on Monday.
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China Petrochemical Corp (Sinopec) navigated a weak market following this week’s rate cut announcement to raise $2bn from a three-tranche deal. While it took a smaller amount than usual, its transaction was well-timed, say bankers.
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North Carolina-based health technology company Iqvia managed to shave off a chunk of its interest expenses on Wednesday by refinancing its $800m bond in the euro market. Investors grabbed the opportunity to invest in a high-growth listed company, which are still rarities in Europe, a banker involved in the deal said.
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Oriflame, a Swedish cosmetics company, attracted emerging markets accounts to its buyout bonds on Wednesday selling the dual tranche deal inside price guidance.
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Borr Drilling Ltd, the Norwegian oil and gas drilling services company, has completed its secondary listing on the New York Stock Exchange. Raising $46.5m of fresh capital and diversifying its shareholder register following a $645m debt refinancing in June.
