Goldman Sachs
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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. -
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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.
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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.
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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.
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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.
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The Arabian Centres Co, a Saudi Arabian owner and operator of shopping centres, has launched a listing on the Saudi stock exchange.
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Nexi, the Italian payments company, has fallen by almost 8% on its first day of trading after its Milan IPO last week. High volume selling at the beginning of the day has hurt the stock.
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Goldman Sachs said that its equity underwriting pipeline swelled during the first quarter, with IPO interest rising among technology companies.
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Biopharmaceutical company Hutchison China MediTech (Chi-Med) is planning a Hong Kong IPO of around $500m, having filed a draft prospectus with the city’s stock exchange on Monday.
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The sovereigns, supranational and agency market poured into dollars on Monday with two issuers announcing price thoughts for deals and a third potentially due on screens after investor meetings.
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Italmatch, a chemical additives company owned by Bain Capital, has announced a €200m add-on to its €410m senior secured floating rate note, to repay the acquisition debt it took on to buy BWA Water Additives.
