North America
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Canadian car parts maker Magna International and French property company Gecina both priced 10 year deals in the European corporate bond market this week. Magna had waited two years since its last euro issue, Gecina just three months. -
Chinese logistics firm Best, which counts Alibaba Group Holdings among its shareholders, raised $450m from its US IPO this week, chopping the deal by half to get it over the finish line.
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Chinese logistics firm Best raised $450m from its US IPO this week, slicing the deal size by as much as half.
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Jefferies' dreary third quarter trading results were buoyed by a record performance in its capital markets division.
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Distributed ledger technology “is on the verge of creating a sea change in contract design, reporting and settlement”, Brian Quintenz, a member of the Commodity Futures Trading Commission, said this week, as he was named sponsor of its Technology Advisory Committee (TAC).
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Geopolitical tensions around North Korea did not close the primary debt market this week, as Hyundai Motor Group’s US arm snapped up $1bn from a triple-tranche deal and Kookmin Bank priced a $500m trade on Monday.
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Zai Lab, a Chinese biotechnology company, was set to price its IPO of American Depository Shares on Tuesday, expected to raise at least $105.9m.
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September has seen a variety of issuers access the corporate bond market. From regular issuers to those who have not issued for over a decade, the consistent theme has been single digit new issue premiums for what one syndicate manager described as “manageable deal sizes.” Monday saw new issues in a similar vein.
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Goldman Sachs laid out plans to turn around its FICC division, following two quarters in which the business underperformed its peers. The bank also laid out its plans to boost revenues across the bank in unprecedented detail, explaining to the market how it would add $5bn to revenues in three years.
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Strong short end dollar demand led a host of issuers to print tight deals this week, including one debut. Investor appetite is expected to stay strong, but bankers are sceptical that there will be much supply.
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Investors scrambled for yield in the dollar bond market this week as Concho Resources printed its debut investment grade offering amid nearly $19bn of other corporate offerings.
