JP Morgan
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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.
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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.
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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.
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DNA, one of Finland’s largest telecommunications companies, has begun bookbuilding for its IPO after announcing the terms on Monday evening.
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US pharmaceutical company Abbvie hit the corporate new issue market on Monday, making its euro debut as a volatile backdrop in government bonds began to filter into the corporate bond market.
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The European Investment Bank added a A$100m ($75.5m) tap to its August 2026 Kangaroo bond on Monday.
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In the midst of an aggressive EM bond rout, Egypt was given a much needed boost after the International Monetary Fund approved a three year $12bn loan on Friday.
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Equity specialists marvelled again this week at the capacity of markets to surprise, as despite a strongly held consensus that shares would tumble if Donald Trump won the US presidency, the New York stockmarket actually rose.
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Goldman Sachs and JP Morgan became the first banks to hit the dollar market after the election of Donald Trump as US president provided an unexpected fillip to credit markets.
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The European high yield market this week proved that it has learned at least one lesson from its Brexit experience: the unexpected does not mean market shutdown.
