Goldman Sachs
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Goldman Sachs laid out plans to turn around its FICC division, following two quarters in which the business underperformed its peers. The bank also laid out its plans to boost revenues across the bank in unprecedented detail, explaining to the market how it would add $5bn to revenues in three years. -
Strong short end dollar demand led a host of issuers to print tight deals this week, including one debut. Investor appetite is expected to stay strong, but bankers are sceptical that there will be much supply.
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Guarantor: Kingdom of Belgium (51.41%), Republic of France (45.59%) and Grand Duchy of Luxembourg (3.00%)
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Investors scrambled for yield in the dollar bond market this week as Concho Resources printed its debut investment grade offering amid nearly $19bn of other corporate offerings.
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Ahold Delhaize, the Dutch supermarket company, was the only IG corporate issuer to price a deal on Tuesday. But unlike the five triple-B rated issuers on Monday, the food retailer paid a single digit new issue premium.
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Mitsubishi UFJ Financial Group (MUFG) has set up a subsidiary in Amsterdam, giving it an option for its securities business once the UK leaves the EU.
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Korea Development Bank assured investors that all is well in the South Korean market by selling a closely watched triple tranche deal the day after the United Nations announced sanctions against its northern neighbour. The policy bank managed to grab $1bn, but the transaction wasn’t without its challenges. Morgan Davis reports.
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UK telecoms group Virgin Media was in the market for a £200m add-on of its 2024 receivable financing notes on Monday. By Wednesday, it had sold £450m of the deal, proving that demand is not restricted to the high yield debt market for euros, where three more deals were under way.
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Slovenia is once again borrowing in euros to fund a buy-back of its dollar debt as it looks to cut its liabilities in the currency. This is the borrower’s sixth such transaction over the course of two years.
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The shifting landscape in industrials is changing the way banks are hiring for the sector, and the power base is moving to Europe from the US, writes David Rothnie.
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A chunky $4.108bn leveraged buyout financing, for the acquisition of Global Logistic Properties by a consortium of Chinese investors, has entered into general syndication.
