Goldman Sachs

As investors sought gold and silver as a hedge against inflation and uncertainty, investment banks with the capabilities to act in these markets benefitted. Some made more than $100m in precious metals in the third quarter, according to Coalition Greenwich.

Abertis Infraestructuras, the Spanish toll road company, got blowout demand for its hybrid capital issue on Tuesday, as appetite for riskier debt returned to the corporate bond market.

Dollars was the flavour of the day for public sector borrowers on Tuesday as three issuers headed to the currency, raising a combined $12bn. Two more SSAs will follow with dollar deals on Wednesday.

Gregg Lemkau is leaving Goldman Sachs at the end of the year and will head up an alternative investment firm linked to tech entrepreneur Michael Dell. Jim Esposito will take over as joint head of the investment banking division at Goldman.

A flurry of Gulf issuers was on track on Tuesday to securing last minute bond funding, as investor appetite appeared insatiable for emerging market debt amid a rally that may well be curtailed by the impending US Thanksgiving holiday.

Chinese housing-related platform operator Ke Holdings, which listed in August in New York, is back again to the equity market. It is looking to raise around $2.6bn from a follow-on offering.

Chinese e-commerce giant Pinduoduo has kicked off a multi-billion-dollar equity fundraising exercise, taking advantage of a sharp rally in its share price this year to aim for as much as $4.85bn.

The People’s Republic of China is planning a comeback to the euro bond market this week, one month after selling its first dollar trade in the US.

Boparan, the UK food production and restaurant business, began marketing a £475m high yield bond on Monday. The deal follows Aston Martin, Lowell and PureGym, three refinancings done in the past month for companies under stress as a result of the coronavirus pandemic.

Lloyds Bank is offering investors the chance to trade in several of its legacy tier one and tier two capital instruments in exchange for a new 15 year tier two note.

Erste Group Bank launched its second additional tier one (AT1) of the year on Monday, taking advantage of a surge in risk appetite in the run up to the Christmas break.

Chinese beauty company Yatsen Holding has set its New York Stock Exchange IPO in motion, kicking off bookbuilding for a $616.9m listing.