Nomura

Japanese pharmaceutical company Takeda has bumped up its debt and equity offer for Shire to £46bn, leading to potentially the largest sterling M&A financing of the year.

Yuexiu Real Estate Investment Trust, the only Chinese Reit to have issued bonds offshore, returned last Friday for a $400m three year deal, pricing it slightly inside its parent company’s curve.

Rating: Aaa/AAA

KommuneKredit took a novel approach to its sterling issuance on Tuesday, adding a switch operation to print its largest ever new issue in the currency. Bankers believe other issuers may use the tactic. Meanwhile, Bank Nederlandse Gemeenten (BNG) received less interest in a sterling trade of its own.

Public sector bankers lined up to laud a new SSA borrower this week, as the International Development Association (IDA) surpassed expectations on its bond debut. Now, many are eager to see the its next move, with many anticipating a Washington supranational with greater currency flexibility, writes Craig McGlashan.

Irish pharmaceutical company Shire has turned down a £42.4bn takeover offer from Takeda, putting pressure on the Japanese company’s ambitions for global expansion as it strives to maintain its dividend and investment grade rating.

Controls have been tightened after the high-profile losses that banks took on margin loans when retail conglomerate Steinhoff ran into trouble late last year. But strategic equity solutions businesses remain central to equity capital markets, writes David Rothnie.

Bank of America Merrill Lynch, Credit Suisse, Nomura and UBS have made senior changes in their equity capital markets and syndicate teams in Asia.

Several Chinese real estate companies, including Sunac China Holdings and Central China Real Estate, took advantage of relatively stable markets to ride the dollar issuance momentum this week. But supply pressure meant that many saw their bonds then trade under water.

The International Development Association wowed on-looking SSA bankers with its debut bond issue on Tuesday, with some saying it printed in line with sister issuer World Bank (International Bank for Reconstruction and Development). The borrower opted for dollars with its first trade, but is likely to be a regular name in the currencies making up the IMF’s special drawing right basket.

KommuneKredit took a novel approach to its sterling issuance on Tuesday, adding a switch operation to print its largest ever new issue in the currency. Bankers believe other issuers may use the tactic.

Hanwha Life Insurance Co became the latest South Korean name to raise funds from the dollar bond market on Monday, as the country’s insurance firms prepare to adhere to new capital standards.