JP Morgan

The bounce in international equities since the election of Donald Trump as US president has led, as widely expected by market participants, to a wave of block trades this week, some of which were covered very quickly.

French media technology firm Technicolor added yet another refinancing to the levloan market on Wednesday, with bank meetings scheduled on Friday for a €250m seven year term loan ‘B’.

There’s a price to pay for market uncertainty, as Asian dollar bond issuers found out this week. While some had to offer hefty premiums to entice investors, Country Garden was forced to pull its deal on Wednesday following lukewarm demand. As investors turn cautious, market participants say that short-dated paper and juicy yields will be key for the next few weeks. Morgan Davis reports.

Hong Kong Broadband Network has wrapped up its latest syndicated loan, with 22 participants joining the four mandated lead arrangers and bookrunners.

Bayer successfully pulled off what was arguably this year’s biggest European ECM deal on Tuesday night, with a €4bn mandatory convertible and €1.5bn delta equity placement. But although both were fully sold and have traded stably, a good number of deal-playing investors are still putting in small orders.

Bayer, the German life sciences group, picked Tuesday night to launch the first part of its $19bn equity financing for its $66bn takeover of Monsanto. Bayer's deal comes as equity markets are revitalised by the new conviction that Western policy is shifting to reflation.

Country Garden Holdings launched a 10 put five dollar deal on Wednesday, marking its second transaction in less than two months, while Fosun International is pursuing a tap of its $300m 2023s.

The deal the equity-linked bond market has been awaiting for months has arrived this evening. Bayer, the German life sciences group, has launched a €4bn mandatorily convertible issue as the first part of its $19bn equity financing for its takeover of Monsanto.

The bounce in international equities since the election of Donald Trump as US president was widely expected by market participants to lead to a round of block trades as sellers looked to take advantage of the favourable conditions.

Mylan, the US pharmaceutical company, rode its industry’s wave of post-Donald Trump euphoria on Tuesday as it revived a multi-tranche euro bond issue that it had delayed amid political noise in September.

Norwegian debt manager Lindorff has agreed a €3.4bn bridge-to-bond and a €850m four and a half year super senior credit facility to support its merger with Swedish competitor Intrum Justitia. The combination will create an “undisputed European leader” in debt management, said S&P.

DNA, one of Finland’s largest telecommunications companies, has begun bookbuilding for its IPO after announcing the terms on Monday evening.