Goldman Sachs

Telxius, the telecoms infrastructure division of Telefonica, has signed a €190m with the 10 banks which are arrangin its IPO, for which books opened yesterday.

O1 Properties printed the first syndicated international deal from the Russian property sector on Tuesday. While lead bankers acknowledged it was not an easy deal, the issuer was able to increase it from the planned $300m to $350m.

Postal Savings Bank of China has raised HK$57.6bn ($7.4bn) from its Hong Kong IPO after pricing the shares off the bottom of the range, with allocations dragging late into Wednesday evening.

Several European IPOs are progressing through bookbuilding this week, as issuers take advantage of a window of calm before the uncertainty of the US election in just over seven weeks time.

Country Garden Holdings Co sneaked into the bond market on Tuesday with a $650m deal, finding an opportunistic window ahead of the US Federal Reserve and Bank of Japan’s decisions on monetary policies.

Books opened on Tuesday afternoon for the IPO of Telxius, the telecoms infrastructure division of Telefonica — an unusual company that combines telecoms towers with submarine fibre optic cables.

Zagreb-headquartered food and drinks producer Agrokor launched a three year term loan into syndication this week. The deal is part of a wider refinancing exercise in which Agrokor has already secured €500m of short-term debt.

Postal Savings Bank of China has narrowed the price range on its Hong Kong IPO to the bottom half of guidance, and is set to raise up to HK$58.8bn ($7.6bn) in the world’s biggest listing in two years.

A handful of issuers decided to turn to the bond market on Tuesday, looking for a crucial window just one day before the US Federal Reserve makes its decision on the trajectory of interest rates.

French retail property group Klépierre issued a €600m 15 year bond on Monday, taking investors down the maturity range with the promise of yield.

Russian commercial real estate investment company O1 Properties is targeting a five year bond following the completion of an investor roadshow on Friday, a banker at one of its leads said on Monday.

Deutsche Bank is at real risk of failing to pay coupons on its additional tier one instruments, as a potential $14bn US RMBS settlement threatens to erase the bank's available distributable items (ADIs). Outstanding DB AT1 securities reacted accordingly last Friday, shooting nearly 200bp wider.