Goldman Sachs
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Hopes that spiralling US Treasury yields could lead to a healthy year for 10 year dollar benchmarks from SSA borrowers took a beating this week when the Asian Development Bank bellyflopped with its own attempted entry. Craig McGlashan reports.
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The Republic of Korea looks set to be the first Asian sovereign to hit the international debt market in 2017, with plans to meet fixed income investors next week for a potential dollar bond.
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A dual tranche global deal from the Asian Development Bank on Wednesday at least temporarily dashed hopes that this year could be strong for 10 year dollar benchmark issuance — although some bankers away from the trade felt that the problems were idiosyncratic rather than reflective of demand.
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Syndication of the acquisition financing loans for Lonza and Sibanye Gold is expected to begin soon, as loans bankers begin 2017 in an optimistic mood.
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Israel became the first emerging market sovereign to put down a marker in the bond market this year with the announcement of a European roadshow next week.
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Goldman Sachs’ co-head of ECM syndicate for Asia Pacific ex-Japan has left the bank to lead macro research firm View from the Peak (VFTP).
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KommuneKredit and the Asian Development Bank (ADB) will reopen the dollar market for SSA borrowers on Wednesday. Meanwhile, the EIB is lining up to perform the same service in sterling bonds.
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Guangzhou R&F Properties Co and KWG Property Holding raised a combined $515m at the tail end of last week, just before the start of what many anticipate to be a busy year for Chinese property debt issuance.
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The US Commodity Futures Trading Commission has given Goldman Sachs a $120m penalty for trying to manipulate dollar Isdafix and falsely reporting benchmark swap rates.
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Heavy demand for a HK$2.8bn ($361m) loan for Permira's leveraged buyout of Tricor Holdings has led to a big scaleback in allocations to banks.
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The Z5.14bn (€1.16bn) of loans for the leveraged buy-out of Allegro, the Polish online marketplace, have been allocated, with the leads choosing zloty rather than senior or junior euro bonds for the second lien piece.