RBC Capital Markets

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.

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.

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.

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.

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.

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.

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.

Fresh doubt has been cast on whether the record-breaking $100bn loan package for US chip maker Broadcom will come to fruition, after a US national security committee took the unusual step of issuing a public warning against the acquisition that the funds will finance.

The IPO of Siemens Healthineers was covered on day one of its bookbuild on Tuesday after its parent, Siemens, set a price range designed to please potential investors in the IPO of its medical technology division.

Siemens has chosen to set a price range designed to please investors on the IPO of its medical technology division Siemens Healthineers, rather than seeking an aggressive valuation.

Energean, the Mediterranean oil and gas exploration company, could be worth as much as £812m when it lists on the London Stock Exchange later this month, according to the terms of the IPO.

Europe’s syndicated loans bankers say recent transactions highlight how cut-throat the market is for lenders, as the European Commission gets under way with a study on market practices.