Goldman Sachs

Market participants are divided over the importance of having total return swaps (TRS) for the additional tier one (AT1) market, after investment banks started offering the contracts earlier this month.

Sea can lay claim to being one of this year’s most well-participated IPOs by an Asian issuer, after more than 500 investors piled into its New York Stock Exchange flotation.

Jianpu Technology has filed for a $200m listing of American Depositary Shares, tapping three bulge bracket banks as underwriters. Hong Kong-based iClick Interactive Asia Group, meanwhile, is eyeing $100m.

Aroundtown, the German commercial property company, raised €450m of growth capital on Thursday night in a share sale led by Goldman Sachs, Berenberg and Deutsche Bank.

Cabot Credit Management, the biggest debt collector in the UK, launched its highly anticipated IPO on Friday, adding its name to the already vibrant list of companies preparing to go public in London this autumn.

Expectations for third quarter earnings at Europe’s investment banks have taken a knock, following a disappointing round of US bank earnings that saw trading performance remain muted. European banks may also be losing market share in trading, and any poor performance will be compounded by the strong euro.

With asset prices inflated to levels that would have seemed impossible a few years ago, capital market participants are looking forward to the European Central Bank’s (ECB’s) eventual exit from its quantitative easing (QE) programme with a mix of hope and dread, writes Lewis McLellan.

UnitedHealth Group rescued an otherwise lacklustre week for high grade dollar bond issuance with a $4bn deal as earnings blackouts kept a lid on supply.

After utility companies dominated the investment grade benchmark corporate bond market last week, Iren followed this week with a debut green bond that was priced tight to its secondary curve.

The Federal State of North Rhine-Westphalia came to market for its longest ever bond on Thursday, raising €1bn with a 40 year transaction in a market that “just can’t get any hotter”, according to a banker at one of the leads.

The IPO of Aedas Homes, the Spanish home builder, has been priced at €31.65, the bottom of the €31.65 to €33.15 initial range, after receiving orders from almost 100 investors.

Salini Impregilo, the Italian construction firm, printed new bonds with a coupon under 2% on Thursday, becoming only the third high yield borrower to duck under the hurdle this year.