JP Morgan
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US medical technology company Stryker had to wait longer than it planned for its debut in the European corporate bond market, but when the chance to launch the deal came on Tuesday, it achieved the hat-trick of tranches it was aiming for with an extra one added for good measure. -
Four borrowers piled into the dollar bond market on Thursday, adding to one of the busiest weeks of the year despite tough market conditions. UK telecoms company BT led the charge with a $1.35bn two-part deal.
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A pair of socially responsible deals from public sector borrowers failed to set the market alight this week. The order books were only marginally oversubscribed and the spreads did not tighten from the initial price thoughts.
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The European Investment Bank this week brought its first dollar floating rate note linked to the Secured Overnight Financing Rate (Sofr) — the likely replacement for dollar Libor — and set two landmarks for the fledgling benchmark. But one of those, on the coupon calculation, truly sets it apart from the other Sofr FRNs to come so far. As Craig McGlashan reports, it also creates an intriguing market choice as the financial sector prepares for a world without Libor.
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Shareholders have waved through The Restaurant Group’s (TRG) £559m debt and equity-funded purchase of UK Asian-themed restaurant Wagamama, despite a large portion of those voting opposing the deal.
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High hopes for a bumper corporate finance year in Saudi Arabia have been dashed by the pulled Aramco IPO, the blockade of Qatar and the murder of journalist Jamal Khashoggi, writes David Rothnie.
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The market volatility in the week of the US Thanksgiving holiday was a microcosm of where the corporate bond market has evolved to through 2018. Market volatility and lack of buying interest pushed spreads wider again, but that widening meant investors could not resist new issues for long.
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The African Development Bank and Nederlandse Waterschapsbank were able to sell a pair of oversubscribed no-grow $500m socially responsible deals on Tuesday, despite tougher market conditions as the end of the year approaches.
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Private equity firms Bain Capital and Cinven are financing their purchase of a further 28.3% stake in Stada Arzneimittel, the German pharmaceutical group, in the euro leveraged finance markets this week, and are having to contend with investors who are in a risk-averse mood.
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The African Development Bank issued the first green bond linked to the Secured Overnight Financing Rate (Sofr) on Tuesday. The European Investment Bank will look to extend the Sofr floating rate note curve on Wednesday with an October 2021 issue that will use a different coupon formula to the previous Sofr trades.
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US medical technology company Stryker had to wait longer than it planned for its debut in the European corporate bond market, but when the chance to launch the deal came on Tuesday, it achieved the hat-trick it was aiming for with an extra tranche added for good measure.
