Goldman Sachs

New York seemed set to avoid Hurricane Florence but US investors whipped up a storm of their own as they poured cash into a succession of big ticket deals from blue-chip domestic and Yankee names.

Italian multi-utility Iren highlighted the improving sentiment around Italian corporate bond issuers when it priced a €500m seven year green bond 15bp tighter than where similarly rated peer 2i Rete had printed a non-green deal the previous week.

The African Development Bank and Bank Nederlandse Gemeenten kept the positive momentum going in the dollar SSA market this week with blowout five year benchmark trades on Thursday.

Asia’s Basel III compliant additional tier one market is set for a turnaround after a quiet year, following Bank of China (Hong Kong)’s $3bn issuance this week. As the pipeline builds up, bankers are predicting a pick-up in deal flow as early as next month, writes Addison Gong.

Bain Capital has completed the first sale of shares in TI Fluid Systems, the UK maker of fluid delivery systems for cars and trucks, since its IPO last autumn. The deal came in response to several reverse inquiries from investors.

The African Development Bank is taking indications of interest for its second benchmark of the year, which could complete its syndicated funding programme for 2018.

Bank of China (Hong Kong) has raised $3bn from a Basel III compliant additional tier one transaction, drawing attention for both its size and price.

Nio, the electric car company nicknamed China’s Tesla, priced its $1bn New York Stock Exchange IPO on Wednesday off the floor.

The Inter-American Development Bank and KfW drew strong demand in the dollar SSA market on Tuesday, with the former issuing just the fourth 10 year dollar benchmark from an SSA of the year.

Public sector euro benchmark supply is set to restart after a lull last week, with a eurozone sovereign and a French agency hitting screens on Monday for pricing on Tuesday.

Hua Medicine, the third biotechnology firm to list in Hong Kong, got across the finish line with an undersubscribed retail book, even though several blue-chip funds threw their weight behind the deal.

Nio’s IPO on the New York Stock Exchange is set to escape the rout in emerging market stocks mostly unscathed, with its $1.3bn float covered ahead of pricing on Tuesday.