Goldman Sachs

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.

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.

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).

Guarantor: Republic of Austria

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.

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.

UK supermarket retailer Tesco announced on Monday that its most recent tender offer had been oversubscribed, completing a successful liability management exercise (LME) after selling €750m of bonds a fortnight previously. The company hopes the success of the deal will help it on the way to regaining its investment grade status with all rating agencies.

Österreichische Kontrollbank and Erste Abwicklungsanstalt priced well received dollar deals on Tuesday. The pipeline in the currency is building with Bank Nederlanse Gementeen and Swedish Export Credit Corporation having lined up three year trades.

Goldman Sachs was left long of stock in Bureau Veritas, the certification agency, after a €400m block trade on behalf of Wendel on Monday night.

Tottenham Hotspur is planning to be the latest football club to sell corporate bonds after its new stadium’s construction delays and cost have again increased.

Österreichische Kontrollbank will complete its benchmark funding for the year with a no-grow $1bn five year. Meanwhile, Erste Abwicklungsanstalt has lined up its second dollar deal of the year in the three year part of the curve.

360 Finance has filed for a $200m IPO on the New York Stock Exchange through Citi and Goldman Sachs.