Goldman Sachs

Two IPO applications in Hong Kong this week — one from a bitcoin hardware maker and the other a Chinese state-owned enterprise — highlighted the tussle for investor attention between old and new economy companies.

The African Development Bank sold its second social bond on Wednesday, more than doubling the size of its debut effort and pushing out its maturity curve. The Basque Government will follow the supranational with an inaugural sustainable bond.

Goldman Sachs’ bungled succession planning is showing early signs of strain following the resignation of two of the most experienced members of its trading division.

The UK Debt Management Office on Tuesday extended the conventional Gilt curve while breaking two of its syndication records. Bankers off the deal hailed the “great result”, while leads highlighted that the deal was already performing in secondary just a few hours after pricing.

The African Development Bank is sounding investors for its second ever social bond with an initial price thoughts level that bankers away from the deal felt was “fair”.

Climbing US Treasury yields and tightening swap spreads are pushing out levels in dollars, but Swedish Export Credit Corporation (SEK) managed a successful three year trade — a good omen for an upcoming deal from Kommuninvest on Wednesday.

A pair of supranationals hit opposite ends of the euro curve on Tuesday, keeping down their size ambitions in favour of tightening pricing.

The volume of euro and sterling high yield bonds on sale in Europe jumped to €1bn on Tuesday, after NBG Pangaea and Premier Foods hit the market with new offerings. Meanwhile, retail high yield funds enjoyed a second week of inflows.

China Tower Corp set the ball rolling for its Hong Kong IPO on Monday, filing a prospectus for a potential $10bn listing, according to a source close to the deal.

Two mandates hit screens on Monday for supranational euro benchmarks. The Asian Development Bank (ADB), encouraged by a favourable basis swap, is set to make a rare appearance in the currency, coming to market alongside the European Stability Mechanism (ESM).

Swedish Export Credit Corporation will bring a three week dearth of SSA dollar benchmark issuance to an end on Tuesday after mandating for a three year issue. A shift in Libor rates, swap spreads and secondary levels since the last glut of dollar supply should all make for a keenly watched trade, said bankers.

Two A-rated corporates went head to head in the euro corporate bond market on Monday as UK pharmaceutical giant GlaxoSmithKline and US electrical systems manufacturer United Technologies Corp both launched triple-tranche deals, with two matching maturities, which totalled €4.5bn.