Goldman Sachs

Cyprus received strong investor demand for its longest ever bond on Wednesday, with the combined order book for the dual tranche trade topping €10bn at the final terms.

Ireland’s CDB Aviation has signed its first unsecured syndicated loan, as the aircraft leasing company continues its drive to diversify its funding sources.

Finablr, the Abu Dhabi-based cross-border currency and financial technology holding company which owns Travelex, is one of the few firms in the market with a live IPO. But banks are not rushing to set a price range, wanting to give investors more time to value the business.

Wendel, the French investment group, issued a €300m no-grow on Monday. This was a typical size for the issuer, but it was its first issue for two and a half years. It will use the money to exercise options to call and make whole on its 2020 and 2021 bonds.

After weeks of thin issuance in European high yield, six deals were announced on Tuesday, of which two were true buyout financings, rather than the double-B refinancings that have dominated the market this year.

The Republic of Cyprus mandated banks on Tuesday for a dual tranche comprising new five and 30 year bonds, with the latter the longest ever bond sold by the sovereign.

Investment banking activity suffered a sluggish start to the year at the top US names, particularly in equity underwriting, but conditions brightened as winter turned to spring.

Rating: Aa3/AA/AA

The Province of Ontario’s three year dollar benchmark this week sparked criticism from onlooking bankers after the spread was set a day before pricing. However, a head of SSA DCM at one of the leads replied that it was the “honourable” thing to do after the deal received more demand than expected.

A surge in shareholder activism is providing banks with a lucrative new source of revenue, but they have to tread carefully or risk losing treasured corporate relationships, writes David Rothnie.

Hutchison China MediTech sparked life into the Hong Kong biotechnology IPO market this week, filing a draft prospectus for a $500m listing with the city’s stock exchange. The globally known name — already listed on two foreign exchanges — is a boost for biotech investors, who have been drip-fed smaller start-ups since Hong Kong allowed pre-revenue companies from the sector to begin listing last year. Jonathan Breen reports.

KfW and SFIL printed $4.25bn of debt on Tuesday, with both deals looking as if they paid a few basis points over fair value. That marks a return to new issue premiums in the dollar market for sovereigns, supranationals and agencies.