Goldman Sachs

Wind Tre, the Italian telecoms group, delivered Europe's largest ever high yield bond issue this week, a €7.3bn deal that has raised the bar for the market and led to expectations that more sponsors will follow suit amid heady investor demand.

The dollar market sprung back to life as US banks dominated supply this week, with Goldman Sachs and Citigroup taking home more than $11bn through self-led trades.

In an otherwise quiet week with many companies in corporate close periods, there were two large equity block trades on Monday night, in Moncler, the Italian designer of luxury coats and jackets, and VAT Group, the Swiss maker of vacuum valves.

Goldman Sachs must show long-term commitment in a new corporate broking push if its CEO’s call to build better relationships with corporates is to succeed, writes David Rothnie.

Weibo Corp delighted investors on Thursday with an $800m print in the equity-linked market, the largest convertible bond by a debut US-listed Chinese issuer.

The European high yield bond pipeline this week brought €1bn of single-B rated offerings in euros and sterling from new issuers, giving hope to those working for a bigger borrower base for the market.

Nasdaq-listed Weibo Corp has opened books for the sale of up to $800m in convertible bonds, in its first outing to the equity-linked market.

Wind Tre, the Italian telecoms company, issued its €7.3bn senior secured bond deal on Tuesday, a day ahead of schedule, and priced all four tranches at the tight end of guidance.

A new bond refinancing deal for German fashion company Takko will provide a welcome boost to triple-C bond volumes, although it is not clear whether the deal will pave the way for a wave of risky credits to return to the high yield market, bankers said.

Shares in Bawag, the Austrian banking group, closed below their offer price on Wednesday after the company priced its €1.68bn IPO at €48 a share, near the bottom of the initial €47 to €52 range.

One of the biggest IPOs in London this year was revealed on Monday when Arqiva, the UK’s largest operator of TV and radio broadcast towers, launched an IPO with a projected valuation of about £5.5bn.

Another long-awaited IPO kicked off on Monday when Emaar Properties, the United Arab Emirates (UAE) real estate company, launched the spin-off of its flagship property development business, albeit with a smaller deal size than initially expected.