JP Morgan

Sanofi, the French pharmaceutical company, this week priced the largest European corporate bond deal of 2018 — an €8bn six-tranche deal. The company used only European banks as global co-ordinators for the sale, as the euro market proved that it is a viable market for jumbo financings.

Books closed on the IPO of Siemens Healthineers, the healthcare technology division of Siemens, on Thursday lunchtime, with the base deal valued at €3.65bn and the company at €28bn.

The day after a jumbo corporate bond issue is often a quiet one for new issuance as investors digest their allocations and assess the impact on secondary spreads. But after Sanofi's €8bn offering on Wednesday, Thursday was another bumper day.

Brazilian mining giant Vale is continuing its liability management efforts, with a tender offer for up to $1.75bn of two bonds maturing in 2021 and 2022, having already decided to exercise its right to redeem all of its 2020s.

Vonovia, the German housing company, issued €2.1bn of bonds on Thursday to finance its €5.2bn acquisition of Austrian peer Buwog, which was announced in December.

Emirates Airlines has set the yield for its benchmark sukuk at a level representing a negative new issue premium, according to a banker on the deal.

Rao to lead HSBC’s Southeast Asia corporates team – JP Morgan names Asia DCM head

Hong Kong rolled out the first of its education sector IPOs this year on Monday, as China Xinhua Education Group kicked off bookbuilding to raise HK$1.5bn ($188m).

Tullow Oil, the group based in London that has most of its operations in Africa, was on course to print its new high yield bond in the 7% area this week. It was attracting interest from pension funds in need of assets with high returns, according to sources.

China-based GreenTree Hospitality Group has kicked off bookbuilding for an up to $349.2m IPO on the New York Stock Exchange, according to a filing with the US market regulator.

Gazprom made full use of its newly regained fully investment grade status on Wednesday to raise a larger than indicated €750m, flat to its indicative curve. The deal is the issuer’s longest euro denominated bond to date.

Sanofi, the French pharmaceutical company, priced on Wednesday the largest corporate bond deal so far in 2018, an €8bn six-tranche deal. The company regularly uses a multi-tranche approach to the market, but this was its largest deal so far in any currency.