Morgan Stanley
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France is preparing its first dual tranche trade, targeting the 20 and 50 year parts of the curve, while bankers expect the European Stability Mechanism to aim for a shorter tenor this week. -
A long serving head of emerging market syndicate has relocated to New York.
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The European high yield bond market burst into life this week with the largest single tranche deal of the year and — more significantly, said some bankers — the first euro deal from a US issuer.
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The European Investment Bank and the European Union kicked off April by printing impressive benchmark deals, yet despite this strong start to the quarter SSA bankers fear that a combination of the threat of a Brexit and the low yields on offer in the euro market will make conditions extremely challenging for issuers.
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The first block trade in Worldpay since its £2.5bn IPO in October took place on Wednesday evening, as Advent and Bain, its private equity owners, sold a 13.75% stake for £740m. The sale went very well, as it was soon increased and priced at a tight discount.
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Eni issued a €400m convertible bond on Wednesday that had to be reduced in size and repriced at worse terms for the issuer. The deal was an important test of whether there is still vigour in the spate of equity-neutral convertible bonds following the European Central Bank's unleashing of quantitative easing on the corporate bond market on March 10.
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The European Union proved that for the right issuers there is considerable demand at the 15 year point of the curve, with the Joint Länder planning a return to the market with a seven year benchmark for the first time since a mooted deal in February stalled.
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Equity capital markets teams at banks will need a very good second quarter to make up for the weak first one, which left volume more than 50% down on last year’s run rate in both Emea and the Americas.
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Global Medical Real Estate Investment Trust, owned by Hong Kong-listed ZH International Holdings, is aiming to list on the New York Stock Exchange in a deal that could net $100m.
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The European Investment Bank built a book of €8bn for a 10 year Earn on Tuesday as the 10 year Bund yield fell to a 12 month low, leading bankers on the deal to suggest tougher times may lie ahead for euro issuers.
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Parque Reunidos, the leisure parks operator, on Monday announced what it hopes will be the largest Spanish IPO for over a year, in a bid to reduce debt and begin to make an exit for private equity owner Arle Capital.
