Goldman Sachs

Public sector borrowers are reaping the benefits of investors looking to “weather the storm” of wider market volatility, said bankers, as investors poured cash into short dated dollar issues this week. Bank Nederlandse Gemeenten and Sweden are set to be the next issuers to benefit, after mandating for three year trades on Tuesday.

Ocado, the UK online grocer, raised £143m of fresh equity on Tuesday morning in an early day accelerated bookbuild led by Goldman Sachs and Numis Securities that finished “a few times covered”, according to a banker involved.

Global stock markets have been hit with volatility in recent trading sessions, but European primary leveraged finance markets had already slowed down as investor pressure grew around Algeco’s €1.4bn deal and UK retailer New Look’s performance.

A pair of euro borrowers braved a tricky market on Tuesday, raising a combined €4bn despite heavy weather in government spreads. One opted for a defensive pricing strategy, while the other attempted to squeeze investors.

Three dollar borrowers have hit screens in a market buoyed by a pronounced Treasury sell-off.

Algeco Scotsman, the US storage group owned by TDR Capital, is talking to investors about sweetening the terms of its new high yield bond issue, due to be priced on Monday afternoon.

Aster DM Healthcare is set to launch its Rp9.8bn ($152.7m) IPO in India next week, after only its latest attempt to scale back the deal size and change the syndicate group.

Enerjisa, the Turkish utilities company owned by E.On and Sabanci, has attracted sizeable interest for its IPO, which was covered 4.8 times and priced at the bottom of the range.

The big fall in the share price of UK outsourcer Capita on Wednesday led to fears of another large corporate collapse in the sector following Carillion's demise last month. But market sources saw the rights issue and turnaround plans, which caused the dip, as a way to avoid disaster as peer Serco once did with similar tactics.

The investment grade corporate bond market has started February with intent, with Thursday registering as the second busiest day of 2018 so far.

Capita, the UK outsourcing services firm which runs London's congestion charge system, has laid out an ambitious turnaround plan including a £700m rights issue, but the stock plummeted as its profits projections fell short of expectations.

Luxury goods group Compagnie Financière Richemont has entered into a backstop loan agreement as part of its all-cash bid for the rest of internet retailer Yoox Net-A-Porter (YNAP) that it does not already own.