RBC Capital Markets
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Sanofi, the French pharmaceutical company, this week priced the largest European corporate bond deal of 2018 — an €8bn six-tranche deal. The company used only European banks as global co-ordinators for the sale, as the euro market proved that it is a viable market for jumbo financings. -
Books closed on the IPO of Siemens Healthineers, the healthcare technology division of Siemens, on Thursday lunchtime, with the base deal valued at €3.65bn and the company at €28bn.
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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.
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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.
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Sanofi, the French pharmaceutical company, priced on Wednesday the largest corporate bond deal so far in 2018, an €8bn six-tranche deal. The company regularly uses a multi-tranche approach to the market, but this was its largest deal so far in any currency.
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The IPO of Siemens Healthineers, the healthcare technology division of Siemens, is covered throughout its revised price range, according to a banker involved in the transaction.
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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.
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A pair of public sector borrowers are bringing short end dollar benchmarks as ever widening swap spreads support trades at that part of the curve.
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Three sterling deals this week matched the busiest week of 2018 for the currency as two UK corporate issuers returned to the market after notable absences and a US issuer opted for sterling for its first non-dollar deal.
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Thursday saw two UK corporate issuers return to the sterling market after notable absences. Southern Gas Networks had not issued for more than two years, while the recently renamed Optivo Finance had been away for five years.
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Investors this week showered orders on to the first bond issue from Teva Pharmaceuticals since a recent downgrade to high yield ratings. The hook? A 50bp-100bp premium over its old bonds in the secondary market.
