Goldman Sachs

Top US bankers are optimistic about their investment banking businesses for the start of 2021, after a stellar 2020 during which their clients rushed to financing markets to help them get through the Covid-19 crisis, and government and central banks provided essential support.

Goldman Sachs won strong demand for a chunky €1.75bn deal in the euro market on Thursday, becoming the first US bank to visit the currency after posting full year results.

Chinese car manufacturer BYD has closed Hong Kong’s largest primary share placement in more than half a decade, raising HK$29.9bn ($3.86bn). The issuer tapped the market as the local benchmark Hang Seng Index hit a record high, getting strong demand from mainland investors. Jonathan Breen reports.

CPPIB Capital hit screens on Wednesday for a 10 year benchmark, confident that there is demand at that tenor despite a recent rush of similar deals.

Higher rates and execution certainty in the dollar bond market have given investors something to get excited about, with supply from financials in the currency outstripping that in euros so far this year.

Cloopen Group Holding, a cloud-based communication provider, is planning to raise at least $100m from a US IPO of American depositary shares (ADS).

Two supranationals are set to hit the market for their first dollar benchmarks of 2021 on Wednesday.

Turkey and Bahrain took to primary markets to raise bond funding on Tuesday. But the appearance of two high yield credits has not driven unqualified enthusiasm for all borrowers in that asset class.

Immunocore, the UK biotech company, has filed for an IPO on the Nasdaq in New York following a $75m series ‘C’ funding round which concluded last week.

Total, the French oil and gas company, placed a chunky €3bn hybrid trade on Monday, as the spread between corporate senior and subordinated debt widens after months of tightening.

Saudi Arabia’s National Commercial Bank (NCB), the largest financial institution in the kingdom, has mandated banks to arrange a tier one dollar sukuk. The deal may act as a prelude to a potential bond sale by the sovereign, which bankers say could happen as early as this week.

BOC Aviation followed Singapore Airlines into the bond market this week, bagging $400m amid a boost in sentiment around the travel industry.