Goldman Sachs
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Two SSA borrowers readied trades in the dollar market on Monday, lining up for a busy week of issuance. -
Siemens has chosen to set a price range designed to please investors on the IPO of its medical technology division Siemens Healthineers, rather than seeking an aggressive valuation.
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Saudi Arabia has increased its loan from $10bn to $16bn as banks line up to join the facility, according to a statement from its Debt Management Office (DMO).
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Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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The new issue US dollar bond market roared back to life as volatility dropped and corporates took advantage of favourable conditions with $17bn of supply coming from 19 borrowers.
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Six of the nine investment grade corporate new issues in the last week of February were announced with a three letter acronym that, while providing clarity, served to frustrate investors keen to see greater volumes of issuance. WNG stands for “will not grow” and this week told investors that the meagre sized deals would not be increased, irrespective of demand.
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Private equity firm Advent International has agreed to buy UK electronics company Laird for around £1bn, in a purchase that will be financed with debt.
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Baidu-backed video streaming service iQiyi and Chinese hotel operator GreenTree Hospitality Group are readying a pair of US IPOs for the end of March to raise a combined $1.7bn.
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Slovenia printed €1.25bn by way of a triple tranche euro bond tap on Wednesday from a book of €4bn, paying small new issue premiums. Marjan Divjak, director general in Slovenia’s Ministry of Finance, said that the country is “more or less done” in the international bond markets for the year.
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The European Bank for Reconstruction and Development set a new pricing bar for 2018 in five year dollars on Wednesday as it equalled its largest ever dollar benchmark size. Municipality Finance was also out in the same tenor, with a trade that leads said had a concession of 2bp-3bp.
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Before 2017, US crowd services provider Equinix had not issued a bond in euros. But it has now visited the European high yield market three times, having completed its latest deal on Wednesday.
