Goldman Sachs

Investors piled in excess of $12.5bn orders into a dual tranche dollar trade for Israel on Wednesday, the largest level of oversubscription the sovereign has ever experienced.

Goldman Sachs has added two senior executives to its investment banking division in Hong Kong who will focus on equity and equity-linked products.

The euro market is providing SSA borrowers with ever more impressive execution — the European Financial Stability Facility (EFSF) pulled off the largest supranational or agency deal of the year on Wednesday — but it faces a fresh challenge on Thursday: ultra long debt.

A combined €48bn of cash swelled the orderbooks for Italy and Portugal’s deals on Wednesday, dispelling any fears that the reduction of the European Central Bank’s quantitative easing programme would hamper demand.

The Inter-American Development Bank provided further proof on Wednesday that there is deep demand at the five year part of the dollar curve — but another supranational is stepping up to test the long end of the currency for the first time this year.

The State of Israel opened books on Wednesday for a dual tranche dollar note that will extend its curve by an extra five years.

Dollar investors had plenty of Chinese property bonds to choose from this week, with four issuers competing for their attention on Tuesday. But with no end in sight to the pipeline, companies will have to navigate the market carefully, or cough up a premium for their bonds.

Goldman Sachs has added two senior executives to its investment banking division in Hong Kong who will focus on equity and equity-linked products.

The euro market is providing borrowers with superb execution — KfW gathered its largest ever book for a 10 year on Tuesday — but investors are requiring healthy new issue concessions in order to commit.

January’s impressive pipeline of sovereign issuance is starting to unload, as Italy and Portugal hit screens on Tuesday for their first syndications of the year.

The European Investment Bank on Tuesday produced its largest dollar deal in nearly three years — and its biggest book in even longer — in what bankers said was a clear signal of the strength of demand in the currency. The Inter-American Development Bank is next up in dollars, and more supranationals could still enter the fray this week, with supply expected to keep at a rampant pace until mid-February.

The list of European leveraged loan deals for January is rapidly growing, with multi-billion offerings in euros, sterling and dollars as borrowers seek low margins. But some buyers believe the market is becoming too hot, too fast.