Goldman Sachs
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Debt buyers piled into the first high yield bond deal from UK supermarket chain Tesco, which increased its offering by half and reached investment grade pricing as order books swelled to eight times the initial benchmark size. -
Turkey passed its first test of investor sentiment on Tuesday night, returning to international capital markets with a $2bn five year deal after an absence of six months while the country had a brush with economic and diplomatic chaos.
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High yield rated UK supermarket chain Tesco has launched a new bond with investment grade style features to fund tender offers for eight outstanding bonds, just days after a recent rating upgrade from Fitch Ratings.
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Turkey is in the market for a five year dollar benchmark — its first trip to international capital markets since it was plunged into financial crisis by US sanctions earlier this year.
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Innovent Biologics launched its Hong Kong IPO on Monday to raise HK$3.3bn ($422.2m), with over 60% of the shares already sold to a large contingent of cornerstone investors — many of them double-dippers.
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The People’s Republic of China, acting through its Ministry of Finance (MoF), priced a $3bn return to the international bond market, pushing out its maturity profile to 30 years. But a weaker backdrop meant that the order book was not as strong as its dollar trade last year.
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A global equity sell-off mid-week caused some jitters among bankers covering a live Kommunalbanken dollar deal on Wednesday, but the nervousness proved unfounded as the trade came through to acclaim. The deal was typical in a week where SSAs priced tight and with big books despite choppy wider markets.
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Conagra Brands became the biggest high-grade casualty of market volatility when it pulled a multi-billion M&A financing on Thursday.
