Goldman Sachs

T-Mobile US has lined up $38bn of fully committed loans to finance its $26bn purchase of US telecommunications company Sprint.

Three firms have submitted their listing applications in Hong Kong as the city’s IPO filing season goes full steam ahead.

The London and Johannesburg listing of Vivo was covered today, two days after launch, good news for African equities after South African bottle producer Consol had to pull its IPO.

Higher oil prices, a new governing regime and an agreement with the International Monetary Fund are all expected to fire up demand for the Republic of Angola’s first Eurobond since 2015, though there is a question mark over how receptive the market will be for long dated debt.

Two issuers with double-B ratings, Darling Ingredients and Avast, achieved substantial financial cost savings with repricings this week, as pricing for top rated paper still looked attractive despite a recent uptick in spreads.

Springer Nature, the German academic publishing group, has opened the books on its €1.3bn Frankfurt IPO with a price range that gives a “healthy discount” to peers.

Cherkizovo, the Russian meat and sausage producer seeking to list on the Moscow Exchange, has failed to get its re-IPO away, citing market volatility for postponing the deal.

Chinese oil and natural gas producer CNOOC jumped into the bond market on Wednesday for a dual-tranche deal, raising $1.45bn.

The benchmark US Treasury 10 year yield moved through the 3% level this week, creating what some say was unnecessary panic in the market. That was clearly reflected in the dollar bond issuance in Asia, with some borrowers ploughing ahead with well-received 10 year transactions and others ditching the tenor altogether. Addison Gong reports.

The IPO of Consol, the South African glass bottle maker, has been pulled on the last day of bookbuild. The seller blamed difficult markets and said it had not been able to achieve its “valuation objectives”.

State Grid Corporation of China priced a $2.8bn-equivalent four-tranche deal on Tuesday, managing to navigate the impact of the benchmark 10 year US Treasury yields finally breaching 3% after days of sell-off.

More than €3.5bn of high yield bond deals in euros, sterling and dollars were scheduled to close this week. Although some bankers described the pipeline as “crowded”, they expected market digestion to be ‘healthy’ ahead of quieter times.