Goldman Sachs
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Iron Mountain, Bormioli and Constellium revved up the engines of the European high yield market with new deals announced on Tuesday that pushed overall issuance so far this year closer to 2014’s all-time €84bn high. -
The IPO of Pirelli, the Italian tyre company, has been priced at €6.50, the bottom of the revised range, valuing the business at €6.5bn.
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Saudi Arabia does not come to market often, but when it does, it does so in size — as this week’s $12.5bn sale proved. In the last 12 months, the Gulf state has raised more in dollar or euro syndications than any other sovereign. The issuer has shown remarkable commitment to weaning its economy off petrodollars as it enlists capital markets to help it plug a $53bn deficit, writes Virginia Furness.
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Goldman Sachs couldn’t resist the lure of tight spreads as it hit the dollar market in the run-up to announcing third quarter earnings.
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Turkey’s state-owned Ziraat Bank on Monday morning took orders of $1.25bn to print its second senior trade of the year in what bankers said was a notably softer market.
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Singapore-based Sea began pre-marketing a potential $1bn US IPO this week, according to a banker close to the deal.
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Bawag, the Austrian banking group that has been owned by Cerberus since 2007, will attempt to go public in Vienna this autumn, with an IPO that will provide a serious test of the strength of investor demand for the European banking sector.
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Saudi Arabia is having a good week — finally allowing women to drive, albeit not until June 2018, and bookbuilding for a third jumbo international bond. But investors are praying the sovereign does not step on the accelerator too hard and leaves some spread on the table to ensure performance, after a poor week for EM new issues.
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US investors led the charge to CK Hutchison Holdings’ triple-tranche bond on Tuesday, with their strong, and unexpected, support pushing the final deal size beyond the issuer’s expectations.
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Finnvera will on Wednesday enter a searing market for three year dollars, following a similar trade from Bank Nederlandse Gemeenten that rounded off the Dutch agency’s dollar benchmark funding for the year.
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Deutsche Wohnen, one of the biggest listed German residential property companies, added its name to the string of equity-linked deals in Europe this month on Tuesday when it printed an €800m eight year note to finance a tender offer for a previous convertible bond, due in 2021.
