Goldman Sachs

Italy came to the market for its first syndication since a seismic rally in the sovereign’s bonds after Mario Draghi agreed to form a new government earlier this month. But despite the huge confidence from investors in BTPs, a compression of 4bp from initial price thoughts for a new 10 year led to a dramatic loss of over €45bn orders.

Two SSA borrowers hit screens on Tuesday to announce benchmark bonds. Deal flow in the SSA market has slowed after the January rush, but borrowers are still keeping investors busy with a regular flow of deals.

Coupang, an e-commerce company, is planning a $1bn IPO in the US as it gets ready to become the first South Korean firm to list in New York in 10 years.

Italy hit screens on Monday to announce a dual-tranche syndicated deal comprising a new 10 year benchmark and 30 year inflation-linked bond.

Snam, the Italian gas pipeline company, and SKF, the Swedish ball bearing maker, kicked the week’s corporate bond new issuance off in Europe on Monday with deals that offered razor-thin spreads from the start.

Castellum, a Nordic real estate company, has failed in its bid for Norwegian rival Entra, leading to the cancellation of $3.5bn-equivalent of bridge financing.

New Horizon Health, a medical device manufacturer, has scooped up HK$2.04bn ($263.4m) from its IPO after strong institutional investor demand pushed pricing up to the top of the marketed range.

Ørsted, the Danish power company, pushed into the green hybrid sterling market on Wednesday, with the largely UK-based sterling buyer base proving to be just as keen on the debt as their euro counterparts.

Chinese cloud-based communications provider Cloopen Group Holdings saw its stock price triple on the first day of trading, after sealing a $320m IPO above the marketed range.

Ørsted, the Danish power company, has mandated for its first green hybrid capital issue in sterling, as subordinated green, social and sustainability debt is tipped to continue finding chunky demand from investors this year.

Egypt and the Ivory Coast sold bonds on Monday that were heavily oversubscribed and offered little to no new issue concession. The trades, sources said, were evidence that volatility in global markets has had little impact on high yielding debt — though questions linger around investment grade EM issuance.

China-based Betta Pharmaceuticals, a developer of cancer treatments, is planning a Hong Kong IPO, having filed draft paperwork with the city’s stock exchange on Monday.