JP Morgan

Issuers from the Gulf have taken over emerging markets bonds with Saudi Arabia on track to print its debut sukuk on Tuesday. Multiple tranche deals are the flavour of the week with Romania, Mubadala and KazmunayGas all offering multi-faceted deals.

Saudi Arabia was offering up a 20bp-25bp NIP over its conventional bonds at price talk for its debut sukuk on Tuesday, as banker’s debated where the deal will land relative to it’s conventional bond debut.

Shares in Gestamp Automoción and Banca Farmafactoring, which had performed poorly on their first day of trading after their IPOs on Friday April 7, steadied this week, providing relief to equity capital markets bankers anxious to avoid poorly performing deals putting off investors.

Unédic and Austria have announced that they will sell euro benchmarks at the long end of the curve on Tuesday.

Barclays said on Monday that its chief executive Jes Staley was under investigation by the Financial Conduct Authority (FCA), for his attempt to identify the author of a whistleblowing letter. The whistleblower raised questions about a senior employee recruited in the first half of 2016, who had worked with Staley at a previous employer.

Bain Capital and Cinven have agreed to buy Stada, the German generic pharmaceuticals firm, for €4.1bn, in the biggest private equity acquisition of a European company for four years.

Philippine lender China Banking Corp will offer shares in its Ps15bn ($302m) rights issue at Ps31 apiece, following a sharp rally in its stock price.

Netmarble Games has launched the international roadshow for its planned W2.7tr ($2.4bn) listing that will wrap up in two weeks in the US, drawing demand as it goes for what is set to be South Korea’s largest IPO this year.

Road King Infrastructure (RKI) is spinning off its expressway business in Hong Kong via an IPO that could fetch $500m in the third quarter, said sources close to the deal.

JP Morgan has hired back one of the most senior members of Morgan Stanley’s European mergers and acquisitions team.

Deutsche Bank shares closed on Thursday April 6 at €15.68, well above the €11.65 subscription price in its €8bn rights issue, for which subscription closed that day.

CEEMEA issuers printed $61bn of bonds in the first quarter of the year, making it the busiest first quarter on record. And with $50bn of redemptions next month and no let up to inflows to EM funds, conditions are set for a perfect second quarter.