Goldman Sachs

Israel hit the market on Wednesday with a dual tranche euro deal, looking to test demand at the long end of the yield curve. The country’s reputation as a quality issuer appears to have carried it through.

The European Investment Bank and Bank Nederlandse Gemeenten showed the strength of the dollar market on Tuesday as they sparked the sector into life for 2019 with benchmarks offering minimal concession. Another pair of SSAs are hoping to emulate that success on Wednesday.

The dollar market for public sector borrowers begins in earnest on Wednesday with a pair of borrowers out with benchmarks and bankers confident the deals will go well thanks to a demand/supply imbalance. The trades follow a small floater tap from a supranational on Monday that was the first syndicated deal of the year in the currency.

Eli Lilly, the US pharmaceuticals company, has agreed to buy Loxo Oncology for around $8bn, as big ticket consolidation in the drug sector continues apace.

Guangzhou R&F Properties Co started the new year by tackling its upcoming bond maturity head on, selling a $500m note on Thursday to refinance a February deal.

Emerging market issuers are hesitant to rush back into the market in the new year. Most are waiting on the sidelines until the tone becomes more settled and investor desks are fully staffed.

Berkshire Hathaway was one of five issuers to brave choppy conditions on Thursday and open the dollar market with the first trades of 2019.

Israel has opened the CEEMEA primary bond market for the year, mandating three banks for a euro denominated 10 year and/or long dated benchmark Reg S note.

JP Morgan brings back healthcare banker — Malaysia slaps first 1MDB charges on Goldman

Futu Holdings, parent of Hong Kong-based Futu Securities International, is planning a Nasdaq IPO of up to $300m.

The global high yield bond market has produced $320bn of new issues in 2018, up to December 21, 43% down on last year’s total of $563bn, according to Dealogic. Sentiment has turned progressively more bearish as the year has worn on, with concerns about US-China trade hostility and overvaluation of US equities biting.

The Malaysian government has filed criminal charges against Goldman Sachs for its alleged complicity in 1MDB and is seeking fines of over $3bn in a bid to recover assets from one of the world’s worst financial scandals.