Goldman Sachs

New Development Bank plans to issue more thematic ESG-labelled bonds going forward, as part of its new five year strategy, as well as expanding its operations to new countries and mobilising more private sector involvement.

Rating: —/AA+/AA+

Five real estate companies from Greater China made their way into the dollar bond market on Thursday, appealing to investors with short tenors and juicy new issue premiums.

Four public sector borrowers received strong receptions in the primary US dollar market this week, with a lack of supply in the currency over the last few weeks overriding volatility in US Treasuries.

Goldman Sachs’s much-trumpeted middle-market investment banking initiative is being overshadowed by the bank’s natural affinity for the biggest and most complex deals, writes David Rothnie.

Oldenburgische Landesbank (OLB) launched a €100m of additional tier one (AT1) capital on Thursday, with new issuance in the asset class remaining skewed towards sub-benchmark transactions.

Leasys, an Italian car rental company, and similarly rated commercial property investor Lar España Real Estate competed for investor attention on Thursday with debut green deals, in a major test for the type of esoteric issuers that typify the slower summer market.

African Development Bank and New Development Bank received ample demand in the primary dollar public sector bond market on Thursday, allowing the supranational borrowers to print chunky deals.

African Development Bank and New Development Bank will add to the week’s dollar SSA bond supply on Thursday. The lack of issuance in the currency in June is helping to boost sentiment in the market despite a rocky rates backdrop.

Goldman Sachs celebrated its second highest ever firm-wide quarterly net revenues, net earnings and earnings per share on Tuesday. It set the as-yet unbeaten net revenue record in the first quarter of the year.

Arabian Centres, the Saudi Arabia shopping centre operator, is set to tap its dollar sukuk. The recent drop in US rates, combined with the anticipation of rising rates later in the year, has provided impetus for emerging market issuers to enter markets.

Shares in Wise, the UK fintech group, had traded up more than 22% by Friday afternoon compared to the price at which it completed the first ever direct listing by a technology unicorn on the London Stock Exchange on Wednesday. Equity bankers hailed the transaction as an alternative route to going public when the IPO market is difficult but the list of companies that could do such a deal is short, writes Aidan Gregory.