Goldman Sachs
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FMS Wertmanagement nipped into a quiet dollar market on Tuesday, pricing a five year global benchmark flat to its curve after taking the unusual step of jumping 2bp from opening guidance in one step. -
Following a US Treasury report on regulating the financial system, published last month, the chief executives and chief financial officers of the big US banks lined up to praise the reforms’ potential — though they could be the last nail in the coffin of international regulatory co-operation.
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Greece is set to make its much rumoured return to the debt markets this week, bringing a new five year bond alongside a switch and tender offer for its original comeback issue, an April 2019 sold three years ago. Bankers away from the trade expect the trade to go well, despite coming just as the summer slowdown is set to start.
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FMS Wertmanagement came shooting out the blocks on Monday with an early mandate for a global benchmark. The issuer has opted for a five year, with banks on the trade citing strong investor appetite for dollar paper at that point of the curve.
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Just one borrower occupied European high yield bond pipeline at the start of this week giving the impression the market is about to slow for summer. Bain Capital’s hygiene product supplier Diamond, is out on a roadshow.
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A US pension fund has filed a class action lawsuit against ZTO Express and the banks that underwrote its $1.4bn IPO on the New York Stock Exchange last year.
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Kroger and Alimentation Couche-Tard led a flurry of issuance by dollar borrowers to exploit red hot demand for high grade paper. With the bulk of corporate America in earnings blackout, the retailers demonstrated the strength of investor sentiment.
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Italian electricity network operator Terna brought its first new issue of 2017 on Wednesday and benefitted from strong demand for triple-B rated bonds. The €1bn 10 year deal had an orderbook of €1.6bn and printed with a new issue premium of 8bp-10bp.
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Thermo Fisher Scientific announced in May that it was to acquire Patheon for $7.2bn, including $2bn of net debt. Thermo Fisher expected to finance the deal with $5.2bn of debt and $2bn of equity. On Tuesday it put a big dent in the debt figure with a €2.6bn four tranche corporate bond offer.
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BAML and Citi’s M&A and advisory businesses shone this quarter, thanks to sustained investments in moving up the investment banking table, and to a series of chunky deals where both firms have been prominent. Goldman and Morgan Stanley, still the top two banks in the market, saw advisory revenues flatline in the second quarter.
