UK
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Shares in Allied Irish Banks rose 5% when they began trading on Friday after an excellent response to its €3bn IPO, in which the leads gave nearly a third or investors zero allocations. -
The final fortnight of June has been seen as the last busy window for new issuance before the summer. This week lived up to its billing with over €11bn-equivalent of new deals priced and syndicate desks see no reason for conditions to change next week.
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On Wednesday BP became the third UK issuer to sell bonds in euros this week. The €1.5bn dual tranche deal followed oil entering bear market territory on Tuesday.
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British Telecommunications and Coentreprise de Transport d’Electricité launched triple tranche bond deals on Tuesday, with demand skewed towards the longer tranches.
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Compass Group, the UK food service company, offered investors a choice of main courses on Monday, combining a €750m seven year bond with a £300m 12 year. Demand was plentiful for both and the new issue premiums were minimal.
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Reckitt Benckiser racked up $16bn in orders as it printed a four tranche bond to fund its purchase of US baby food maker Mead Johnson in an otherwise subdued week for corporate issuers in the US.
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As Barclays’ head of leveraged capital markets leaves, the bank has engaged in a hiring effort to keep its leverage finance business “on top of the game”, sources told GlobalCapital.
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A senior equity capital markets banker has left UBS to become chief financial officer of an internet startup.
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Allied Irish Banks again tightened guidance on its London and Dublin IPO this evening, moving the lower and upper limits to €4.30 to €4.50 a share.
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Atlas Mara, the London-listed company co-founded by Bob Diamond that invests in African financial services, announced a $200m equity capital raising on Wednesday, most of which will be taken up by Fairfax Africa Holdings Corp.
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Two more dual tranche bond deals were priced in euros on Wednesday. BP followed a similar path to previous issues this week, printing eight year and 12 year tranches. However Safran, the French defence company, printed two year and four year floating rate notes.
