Goldman Sachs
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Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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A sell-off in eurozone government debt last week, over rumours that the European Central Bank might start tapering its quantitative easing programme, may have helped issuers bring more shorter dated deals in euros this week than have been possible for months — but some issuers are wary that more volatility could be ahead. -
Including redemptions and central bank buying, the investable eurozone covered bond market has shrunk almost €80bn so far this year. No surprise, then, that three seven year deals issued this week by Ibercaja, Banco Sabadell and Bank of Montreal were swamped with demand.
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The European Stability Mechanism is close to deciding on the format its first dollar benchmark will be printed in, while a deal due this Friday could open up to longer dated tenors what has already been an extremely strong dollar market in the three year part of the curve.
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FMS Wertmanagement became on Thursday the first public sector borrower since June to print a euro benchmark with a maturity below five years.
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Export Development Canada will on Friday join a rampant dollar benchmark market and could open end up giving issuers more options after choosing a more daring maturity than those executed in the last few weeks.
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The IPO of TI Fluid Systems, the UK maker of car brake and fuel lines, was scrapped on Thursday — the third flotation to be cancelled this week. That of Biffa, the UK waste management group, is hanging in the balance.
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Despite a tough IPO market in which deals are falling by the wayside, ConvaTec, the UK medical supplies manufacturer, opened the books for its London IPO on Thursday morning with a price range that values it at £4.4bn to £5bn.
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German agrichemicals company Bayer has concluded its $56.9bn loan syndication, getting a roaring response from more than 20 relationship banks in the largest syndicated deal of the year.
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Including redemptions and central bank buying the investable eurozone covered bond market has shrunk almost €80bn so far this year. No surprise then that seven year deals issued on Thursday by Banco Sabadell and Bank of Montreal were swamped and priced with virtually no concession.
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China Resources Pharmaceutical Group’s HK$15.7bn ($2.0bn) Hong Kong IPO got off to a flying start this week, with books covered and support from high profile cornerstone investors giving it momentum.
