Goldman Sachs

Koninklijke Philips, the Dutch healthcare technology company, sold a 12% stake worth €564m in its spun-off subsidiary Philips Lighting on Tuesday through its third accelerated bookbuild in the stock. It was priced at a 3% discount at €32 a share, but traded down on Wednesday and Thursday.

The IPO of Adnoc Distribution, the petrol stations business of Abu Dhabi’s state oil company, was covered at its base size, three working days into the bookbuild.

As fund managers fill their pockets with corporate leveraged finance debt, borrowers like BMC Software are taking advantage of strong conditions to slash funding costs across their financial structure.

The three corporate bond issuers who sold new issues in euros on Tuesday offered something short, something intermediate and something long. The shorter tranches benefitted from the most interest.

Punjab National Bank is selling a 6% stake in PNB Housing Finance worth Rp13.3bn ($206.3m) through the offer-for-sale method.

Sterling high yield bond issuance this year has now surpassed four times 2016’s figure. This week, new borrower Pinewood Studios appeared on stage.

The leveraged loan market is approaching Christmas on course to beat last year’s issuance, particularly for financing of new buyouts.

Ford Motor Credit Co, the financial services arm of US motor company Ford announced a dual tranche corporate bond deal on Monday comprising two floating rate notes.

China’s Alibaba Group Holding, which wowed the debt market three years ago with the largest G3 bond on record from Asia ex-Japan, is preparing for a comeback, mandating banks for its upcoming dollar outing.

State-owned coal miner Yankuang Group Company sold its inaugural $400m dollar deal on Thursday, taking advantage of a quiet day in the debt capital markets. Although some analysts thought the issuer left something on the table, the deal held firm in secondary market.

Emaar Properties’ real estate development unit has sagged in the aftermarket after it priced its Dh4.8bn ($1.3bn) IPO last week, amid heightened geopolitical risk in the Middle East and a general weakness in the IPO market.

Yankuang Group Company has become the only issuer from Asia ex-Japan to venture into the dollar market on Thursday, a US holiday for Thanksgiving. But many other Chinese issuers are waiting in the wings, with a flurry of mandates announced.