JP Morgan
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The equity capital market has kicked back into life this week with a number of high profile deals to test investor appetite. But with investors challenging IPO valuations and volatility causing a scare, lead managers might have to start selling deals on their fundamentals rather than relying on bullish market sentiment to do the job. -
Georgia Capital (formerly BGEO Investments), the Georgian holding company representing the investment business of BGEO Group, is embarking on a roadshow for a five year dollar bond.
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The Republic of Slovenia is once again in the market with a liability management exercise that will enable it to tidy its debt structure by buying back up to $650m of its outstanding dollar bonds, as it continues its bid to consolidate its outstanding dollar debt into one bond maturing 2024.
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Cineworld, the UK cinema operator, has finished its £1.7bn rights issue to finance its reverse takeover of Regal Entertainment in the US, winning a high take-up from its shareholders.
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On Monday, the UK’s second busiest airport, Gatwick, sold its largest bond deal to date with a £300m 30 year trade. Investors were ready for the transaction after Moody’s announced its initial rating for the company the previous week.
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Siemens has begun the IPO process for the highly anticipated spin-off of its health division, Siemens Healthineers, by releasing its intention to float document.
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Daimler led three corporate dollar issuers on Thursday as the market stabilised and high grade credits showed their resilience after a stop-start week.
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The State of North Rhine-Westphalia showed that the euro long end is open for core SSAs despite wider market volatility on Thursday, but there was a more testing time for Greece in secondary.
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Three new issues from the CEEMEA market this week marked the end of the heyday of easy money for emerging market bonds, as EM bond fund outflows were on track to hit their highest level since those prompted by the election of US president Donald Trump in 2016. Francesca Young reports.
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US chip maker Broadcom has received commitments for a staggering $100bn funding package for its acquisition of technology company Qualcomm, with the companies meeting for the first time a few days after the record financing was announced.
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The State of North Rhine-Westphalia on Thursday brought the first 20 year euro benchmark of the year from a core eurozone issuer, for which leads said the “stars aligned”. A sell-off in rates, core SSAs stability in the face of wider market volatility and a healthy spread over OATs all helped the deal, they said.
