Goldman Sachs
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The world’s biggest banks sat out the primary bond market in dollars this week, dashing hopes of a pre-election funding blitz. -
Asia’s dollar bond market has been swamped with new deals this week. Thursday was no different, with corporate borrowers from Greater China alone raising just over $3bn between them.
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It was a moderate week for supply in the primary euro public sector bond market but the issuers that did come found ample demand, setting up a decent backdrop for the expected arrival of the European Union’s big borrowing programme next week.
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The leading US investment banks raked in fees from equity origination in the third quarter, with Goldman Sachs, Morgan Stanley and Bank of America all doubling their ECM revenues year-on-year.
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Enel, the Italian energy company, printed the first sustainability-linked bond in sterling this week well through its curve, sparking expectations of far wider issuance in the still fledgling market.
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Chinese discount retailer Miniso Group Holding raised $608m from a successful US listing on Thursday, after pricing the deal above the marketed range.
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Four bond issuers from Greater China followed the Chinese ministry of finance into the dollar market on Wednesday, snapping up $1.4bn between them.
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China raised a combined $6bn from a four tranche transaction on Wednesday, turning to US investors for the first time despite rising tensions between the two countries. It appeared a smart move, helping the bonds price well inside fair value. Morgan Davis reports.
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The Republic of Austria picked banks to lead a new 20 year euro benchmark on Wednesday, while the European Stability Mechanism surprised some market participants by sounding out banks for a deal next week, which could clash with the EU’s grand arrival as a supersized issuer.
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Morphosys, the German biotech company, has tapped the equity-linked market with a new €325m convertible bond, adding to the flood of issuance from the sector during the pandemic.
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Enel, the Italian energy company, proved that there is sterling demand for sustainability-linked bonds on Tuesday, with the borrower repeating its achievement in dollars and euros by creating the market in the currency.
