Goldman Sachs

The Federal Reserve Board and the Federal Deposit Insurance Corporation said this week that the largest US banks had made ‘significant progress’ in drawing up resolution plans.

South Korea's Kakao Corp is seeking up to $1bn in a Global Depositary Receipts (GDR) offering slated for early next year, in possibly its biggest fundraising ever.

Leveraged loan investors are still at the table in a week many expected to be quiet. Double-B rated borrowers like Nomad Foods, the UK frozen food producer, found strong demand after slashing margins and selling add-ons.

BioPharma Credit, the closed end investment fund that provides debt capital for the life sciences industry, raised $153.9m in an accelerated bookbuild yesterday to fund investments.

Abu Dhabi National Oil Co’s $850m flotation of its petrol station chain Adnoc Distribution has been greeted warmly by the market, setting a good precedent for an expected wave of privatisations in the Middle East. Sam Kerr reports.

China Orient Asset Management Corp pulled off an end of the year $2bn triple-tranche bond on Wednesday, but was forced to give investors a generous premium to get the deal done.

LexinFintech, a Chinese online consumer lender, has shrunk the size of a mooted Nasdaq IPO to $132m from its original target of around $500m, after regulatory changes in China put the sector in a negative light.

Shares in Adnoc Distribution, the chain of petrol stations and shops in the United Arab Emirates that has floated on the Abu Dhabi Securities Exchange, traded up 6% on their first day today, boding well for future Gulf privatisations.

Three Chinese issuers hit the market on Tuesday with dollar deals, but each saw a very different outcome. One company sealed a successful trade, another locked up a private placement style bond, while the third was forced to pull its transaction.

China Orient Asset Management Corp launched a multi-tranche fixed and floating rate dollar transaction on Wednesday morning.

A group of senior managers at Dis-Chem Pharmacies, the South African pharmacy chain, have completed the first equity block trade in the stock since its R4.4bn ($304m) Johannesburg IPO in November 2016. The sale of a 3.7% stake was slightly increased.

This week, bankers and investors in the European high yield market sounded a message of confidence to potential issuers of bonds with triple-C ratings, even after BMC cancelled one such deal.