JP Morgan
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The French presidential election saga has taken another twist, with far-right candidate Marine Le Pen’s chances slipping — but those of Jean-Luc Mélenchon, from the other extreme of the political spectrum, rising. Asian investors are pulling back from deals until the election hurdle is cleared, say issuers — but the rise of Mélenchon may also provide an earlier than expected relief rally. -
Bain Capital and Cinven have agreed to buy Stada, the German generic pharmaceuticals firm, for €4.1bn, in what Dealogic shows is the biggest public-to-private buyout of a European company for four years.
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Saudi Arabia’s $9bn sukuk was, for the second time, a staggering market debut from the sovereign. But size came at a price and the issuer paid up over its conventional curve, writes Virginia Furness.
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Japanese lender Daiwa was the only borrower to hit the US market this week ahead of an expected uptick in issuance as big US banks emerge from earnings blackout.
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French dough maker Cérélia has launched a €345m loan package for its acquisition of Canadian cookie and muffin maker English Bay Batter, joining UK nurseries firm Busy Bees in signing a roll-up acquisition.
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South Korean ECM got a treat this week, with Netmarble Games opening books on Tuesday for what is set to be the country’s largest IPO of the year, with the deal fully covered by the first day. The listing marks a strong start for South Korea, which will move to the top of the region’s 2017 league tables when the trade wraps up, writes Jonathan Breen.
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BlackRock added one year to a $4bn March 2021 five year facility this week, with over 30 banks piling into syndication.
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Orders for Saudi Arabia’s debut sukuk were over $25bn on Wednesday morning allowing the borrower to tighten pricing ever closer to its conventional curve.
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Wobbles in eurozone government bond secondaries this week failed to deter a strong showing from a pair of public sector issuers in primary on Tuesday. Unédic found strong demand and tightened from guidance on its longest dated benchmark ever, while Austria broke a series of records with a 10 year euro benchmark.
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Orders for Saudi Arabia’s debut sukuk were over $17.5bn at the first official update on Tuesday afternoon.
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The pace of borrowing has slackened for public sector borrowers as Easter approaches but a few are still out hunting for second quarter funding.
