Goldman Sachs
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Volkswagen printed the biggest trade in its history as high-grade corporate borrowers blitzed the dollar market in response to the results of the US mid-term elections. -
American pharmaceutical company Allergan, best known for its cosmetic drug Botox, returned to Europe on Thursday for a new three tranche corporate bond deal. The €1.7bn transaction fell short of the company’s debut €2.7bn deal, but was a filip for a market that had been silent the previous day due to the US mid-term elections.
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Goldman Sachs has restructured its capital markets teams in Asia, naming new co-heads for the equity and credit units.
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On Tuesday, Logicor, the largest provider of logistics property in Europe, made its debut in the euro corporate bond market. The €1.8bn three tranche deal is believed to be the largest debut trade by a real estate company in euros.
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Goldman Sachs has restructured its capital markets teams in Asia, naming new co-heads for the equity and credit businesses.
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Qiagen, the Dutch biotechnology company, has returned to the equity-linked market to sell a six year senior unsecured convertible bond with a similar call spread structure to one it sold in September 2017.
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The euro high yield market was giving signs that investor discrimination is back this week, as borrowers IDG and Victoria respectively marketed and postponed new issue bond deals.
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After a week without any high yield issuance, Verisure launched €1.1bn of dividend recapitalisation and refinancing bond deals this week. The market was already growing busier under tighter secondary spreads and a new refinancing deal from Intertrust.
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Two former Goldman Sachs bankers have been charged by the US Department of Justice in the first criminal probe against individuals in its investigation of disgraced sovereign wealth fund 1Malaysia Development Berhad (1MDB).
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The euro leveraged loan market appears keen to counter recent criticisms against lack of financial maintenance covenants with yet more cov-lite issuance, including a buyout deal from private schools operator Inspired.
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A stunning rally in Innovent Biologics caught the market’s attention this week, after the shares surged as much as 46% following their debut in Hong Kong on Wednesday. But whether it marks a turning point for the city’s biotechnology listings — which have performed dismally in the secondary market so far — is less clear, writes John Loh.
