Goldman Sachs

Chinese e-commerce start-up Pinduoduo is set to price its US listing at the top of guidance after a flurry of demand towards the end of its roadshow, according to a banker working on the deal.

Some fund managers and underwriters are gearing up to keep Europe’s high yield market open during August, as borrowers show more willingness to bring new paper during a traditionally quiet month.

Mainland telecommunications infrastructure giant China Tower hit the road on Monday to start drumming up interest in its HK$68.1bn ($8.7bn) IPO, according to a senior banker on the deal.

Two Chinese technology firms listing in the US have been hotly received by investors, with both well covered since their launches earlier in the week.

Management at Goldman Sachs and Morgan Stanley used second quarter earnings calls to reassure investors about their exposure to leveraged loans, under questioning from RBC Capital Markets’ Gerard Cassidy, as fears grow about leverage levels and weak covenants.

Concerns from some fund managers about the terms of Altice’s new €2.5bn-equivalent bond were swamped by orders from other investors eager to bag single-B paper with a big coupon from a core high yield issuer. After a series of successful investor push-backs on deal terms, the debt laden French telecom proved this week that borrowers still can walk away with loose covenants, writes Victor Jimenez.

Wall Street heavyweights returned in force to the dollar market with a string of multi-billion dollar trades after posting strong second quarter earnings.

FIG funding project after project has had to be postponed because of higher volatility levels in 2018, leading to a build-up in supply at the beginning of the summer break. With banks growing fearful of market overload, funding teams are thinking hard about whether August could be a window of opportunity after all. Tyler Davies reports.

Bankers marketing the latest crop of IPOs from China’s technology sector got their game face on this week amid escalating fears of a trade war with the US.

Ascletis Pharma is in the market with the first biotechnology IPO in Hong Kong following the bourse’s historic change in listing rules.

There is a sense that banks in the Middle East are being encouraged to pledge allegiance in the public bond markets to either Saudi Arabia and the United Arab Emirates or to Qatar, as the diplomatic tensions between the two sides rumble on. But in the MTN market it is becoming clear that no such division exists.

With Lloyd Blankfein, arguably Wall Street’s most successful CEO, stepping down, Goldman Sachs is ready to face up to a new challenge. Fortunately for David Solomon, his replacement, the bank’s unique model is working properly again.