Goldman Sachs

Ivanhoé Cambridge, a Canadian property investor, sold a 4.2% stake in the French real estate investment trust Gecina on Monday night through an accelerated bookbuild run by Goldman Sachs.

Koninklijke Philips, the Dutch healthcare technology group, cut its stake in Philips Lighting to 18.3% through an accelerated bookbuild on Monday night.

The Bank of England’s annual €2bn three year dollar issue was comfortably oversubscribed on Monday, but the smaller volume of orders compared with last year and lack of price movement reflected both the greater difficulty in printing short dated deals and investor pushback against super tight swap levels, said bankers. That may have played a role in FMS Wertmanagement’s decision on Monday to mandate for a five year dollar deal, they added.

Assystem Technologies, a French engineering specialist owned by Ardian, is launching an add-on to its term loans to fund its purchase of German peer SQS Software Quality Systems, as merger and acquisition deals gain share in the leveraged loan market.

Bright Scholar Education Holdings is out with its first follow-on offering since its IPO last May, and is gunning for about $200m.

Sunlands Online Education Group is planning an up to $300m IPO of American Depository Shares (ADS), according to a draft prospectus submitted to the US regulator on February 23.

Grand City Properties, the German residential property firm, printed eight and a half year Swiss franc bonds on Wednesday, and also sold a new nine year in euros on Monday alongside a tender for some outstanding bonds and convertibles.

El Corte Inglés, Europe’s largest department store group, has attracted 10 more lenders to the top line of a €3.65bn funding package, ahead of the transaction being launched into general syndication.

The equity capital market has kicked back into life this week with a number of high profile deals to test investor appetite. But with investors challenging IPO valuations and volatility causing a scare, lead managers might have to start selling deals on their fundamentals rather than relying on bullish market sentiment to do the job.

The Republic of Slovenia is once again in the market with a liability management exercise that will enable it to tidy its debt structure by buying back up to $650m of its outstanding dollar bonds, as it continues its bid to consolidate its outstanding dollar debt into one bond maturing 2024.

In July 2017, German property company Grand City Properties announced a tender of its 2021 bonds alongside a new nine year issue. On Monday it repeated the process, offering to buy what remained of the 2021 bond it didn’t buy in July and adding a tender for its 0.25% 2022 convertible bonds.

Siemens has begun the IPO process for the highly anticipated spin-off of its health division, Siemens Healthineers, by releasing its intention to float document.