Goldman Sachs

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.

Unibail-Rodamco has taken out a €6.1bn bridge facility from its advisers Deutsche Bank and Goldman Sachs, to finance its acquisition of Westfield Corp, the Australian shopping centre operator, for an enterprise value of $24.7bn.

State-owned Indian lender Punjab National Bank has wrapped up a Rp50bn ($775m) capital raise through a qualified institutional placement (QIP), according to a banker on the deal.

Three Chinese issuers hit the debt market on Tuesday, launching dollar deals. While the pace of new issuance is beginning to slow down, there appears to be no end in sight for the primary bond market.

Abu Dhabi National Oil Co attracted good international participation to the $850m IPO of Adnoc Distribution, its chain of petrol stations and shops in the United Arab Emirates, which was priced on Friday.

Inter Media and Communication, the operator of FC Milan’s broadcast and sponsorship business, was out with its first high yield bond offering this week. Debutants have increased their presence in the market since June.

Colombian toll road project Rutas al Mar is looking to meet investors ahead of a potential local currency bond transaction, according to DCM bankers, in what would be the third issuance from the country’s flagship 4G road-building programme.

BMC Software has shrunk its triple-C rated high yield bond issue from €380m to €250m as demand proves hard to come by. But Burger King France has managed to price its offering at the tight end of the range, though with an adjustment to the tranching.