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Corporate Bonds

Thermo Fisher raises over half of Patheon consideration in four tranches

Thermo Fisher Scientific announced in May that it was to acquire Patheon for $7.2bn, including $2bn of net debt. Thermo Fisher expected to finance the deal with $5.2bn of debt and $2bn of equity. On Tuesday it put a big dent in the debt figure with a €2.6bn four tranche corporate bond offer.

Nigel Owen, July 20, 2017
Corporate Bonds

Steinhoff makes itself comfortable in euros

Steinhoff Europe made its debut in senior euro corporate bond markets on Monday and was the only issuer to offer investors a transaction on the day. The €750m 7.5 year deal followed a European roadshow last week.

Nigel Owen, July 20, 2017
Corporate Bonds

Successful ADO debut drains the pipeline further

ADO Properties made its debut in the corporate bond market on Thursday, following a roadshow earlier in the week. The €400m seven year deal provided further supply for investors keen to buy higher yielding triple-B rated credits, but the supply line is fading into the summer sun faster than the demand.

Nigel Owen, July 20, 2017
Market News

Citi and BAML score M&A success in Q2

BAML and Citi’s M&A and advisory businesses shone this quarter, thanks to sustained investments in moving up the investment banking table, and to a series of chunky deals where both firms have been prominent. Goldman and Morgan Stanley, still the top two banks in the market, saw advisory revenues flatline in the second quarter.

Owen Sanderson, July 20, 2017
Market News

Citi and BAML score M&A success in Q2

Bank of America Merrill Lynch (BAML) and Citi’s M&A and advisory businesses shone this quarter, thanks to sustained investments in moving up the investment banking table, and to a series of chunky deals where both firms have been prominent. Goldman and Morgan Stanley, still the top two banks in the market, saw advisory revenues flatline in the second quarter.

Owen Sanderson, July 20, 2017
Leader

You don't always want what you want

Investors complain often and vocally about so many aspects of new issue execution. Often their complaints fall on deaf ears, sometimes they are acknowledged, and occasionally they are acted upon. This week an issuer considered complaints that had rung in their ears for over a year, only to find investors did not want what they said after all.

Nigel Owen, July 20, 2017
Equity

Social housing Reit brings IPO despite worries on state support

In the UK’s lively market for real estate investment trust (Reit) and other fund listings, yet another deal was launched on Thursday. Triple Point Social Housing Reit hopes to raise up to £200m, joining the niche of social housing Reits, which has been growing fast — even though experts are worried government budget cuts could hit the sector’s finances.

Jon Hay, July 20, 2017
Africa

BOAD offers rare IG African 10 year to good reception

Investors jumped at the chance to buy rare longer dated investment grade African risk on Thursday enabling Banque Ouest Africaine de Développement (BOAD) to raise $850m with a 10 year benchmark on Thursday.

Virginia Furness, July 20, 2017
FIG

Blitz by US banks but only Wells comes to Europe

Wall Street’s big guns blasted the dollar market this week as they came out of earnings blackout and nailed down their funding plans ahead of the summer.

David Rothnie, July 20, 2017
Equity IPOs

Greencoat ups Irish wind IPO to €270m

Greencoat Renewables, the newly created Irish wind farm operator managed by Greencoat Capital, has managed to increase the size of its IPO on the Dublin and London bourses by €20m, after it won demand from around 80 investors.

Aidan Gregory, July 20, 2017
Market News

EU escapes US MMF reform fate

The European Union’s rules to improve the resilience of money market funds came into force on Thursday. Investors expecting similar consequences to those which followed the US reform can breathe a sigh of relief.

Lewis McLellan, July 20, 2017
Investment Grade Loans

Reckitt Benckiser cuts mustard with $4bn sale after $18bn Mead Johnson purchase

US spices maker McCormick is initially funding the acquisition of Reckitt Benckiser’s US food business with a bridge loan, as Reckitt aims to cut debt after its purchase of Mead Johnson Nutrition.

Silas Brown, July 20, 2017

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