Goldman Sachs
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In this round-up, Charles Li promises Bond Connect and RMB derivatives, ICBC sees cross-border business booming, Moscow Exchange looks to connect with Chinese investors, offshore RMB (CNH) still a top three currency on the EBS FX trading platform, and China clarifies rules for foreign banks looking to join the onshore FX market. Plus, a recap of the top GlobalRMB stories this week. -
The extraordinary sight of a German public sector borrower pulling a syndication mid-week led not only led to criticism of the deal’s execution but also reawakened fears over banks' diminishing ability to take down and warehouse sovereign and sub-sovereign bonds. Craig McGlashan reports.
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Caixabank issued its largest Cédulas in five years on Monday. It was also the biggest since 2014 and enticed more investors than any Spanish deal in three years.
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The exceptionally advantageous terms issuers can get in the convertible market — and the product’s appeal to the bluest of blue chip names — were highlighted again on Thursday when LVMH Moët Hennessy Louis Vuitton, the French luxury goods group, raised $600m at a deeply negative yield.
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The pent-up demand from equity owners to sell down blocks of shares was evident again on Thursday evening, as two deals were launched, after the Euro Stoxx 50 had managed to rise 0.3% on the day.
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Italy set bankers’ hearts aflutter this week with an early contender for deal of the year, breaking several records with a €9bn 30 year benchmark. But more importantly, the trade blasted open a hole at the long end that other sovereigns could pile through.
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Home Depot brought some much needed relief to the dollar market this week with a $3bn print that demonstrated that investors are prepared to deploy cash for high quality names.
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Goldman Sachs reopened the senior financial institutions market with a dual-tranche bond on Thursday, establishing a sought after reference point for pricing new issues and feeding hopes for a pick-up in issuance.
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Goldman Sachs opened with attractive spreads on its dual tranche senior trade on Thursday, ending the recent glut of long-dated supply and establishing a sought after reference point for pricing new issues.
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The stock of Chinese biopharmaceutical company BeiGene has shot up 18% on its first day of trading on the Nasdaq.
