Morgan Stanley

The going was heavy for dollar borrowers as investors demanded extra concessions amid poor performance as CVS Healthcare’s trade from the previous week appeared to re-price the market.

Corporate bond issuers who sold their deals earlier the week found execution much easier than those who came later in the week. Strong order books and single digit new issue premiums gave way to premiums of as much as 20bp and one deal having to be downsized.

The day after a jumbo corporate bond issue is often a quiet one for new issuance as investors digest their allocations and assess the impact on secondary spreads. But after Sanofi's €8bn offering on Wednesday, Thursday was another bumper day.

Deutsche Bank is one of the biggest losers from Broadcom’s failed $142bn bid for Qualcomm after US president Trump issued an extraordinary order to block the world’s biggest technology deal on national security grounds. Silas Brown and David Rothnie report.

Petrochemicals company Unigel has set initial price thoughts of 8% for its planned seven year international bond debut. The deal may provide the best indicator yet of how market appetite for Lat Am credit was affected by February’s volatility.

Indonesian coal company Toba Bara Sejahtra failed to make its debut in the dollar bond market this week, after a weak market backdrop and concerns about high yield credits dented investor appetite. But other firms looking for funding are not giving up just yet, writes Morgan Davis.

China-based GreenTree Hospitality Group has kicked off bookbuilding for an up to $349.2m IPO on the New York Stock Exchange, according to a filing with the US market regulator.

Tikehau Capital, the French alternative investment manager, has committed a €250m order for the IPO of DWS Group and has initiated discussions on potential cooperation between the two firms, including on alternative asset management distribution.

GAC-Sofinco Auto Finance is preparing to sell a Rmb4bn ($633m) deal in the Chinese asset-backed securities market on March 20, set to be the third foreign name origination in three weeks.

Public sector borrowers found buckets of dollar demand on Tuesday, as a French agency sold its largest ever benchmark in the currency and a supranational printed a trade at the upper end of its historical size range. Another supra is lined up to test whether that demand will hold on Wednesday.

B&S Group, the Dutch consumer goods distribution specialist, has opened the books for its listing on the Amsterdam stock exchange, the second Dutch company to set a price range for its IPO this week.

After a reasonable wait, investors are starting to see the more frequent investment grade corporate bond issuers return to the market. On Tuesday, French materials company Saint-Gobain and French telecoms operator Orange sold benchmark deals and UK media company WPP sold a dual-tranche issue.