United States
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The US government shutdown hit 24 days on Monday, a record kerfuffle for the country. As primary equity markets teams, most importantly at the Securities and Exchange Commission, run on skeleton crews, the IPO pipeline could come under some threat. -
On Monday, the US deliveries group FedEx returned to the euro corporate bond market for the first time since its debut visit in 2016 when it raised €3bn to finance its purchase of Dutch peer TNT Express. That deal was a four-tranche combination, but its latest deal was just a €500m 3.5 year deal to refinance the shortest tranche of the debut deal.
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On Friday, American data centre owner Digital Realty sold the first green corporate bond in euros of 2019, but investors did not have long to wait for the second one as Italian energy company Enel also chose to issue in the format.
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European and global equities have shown signs of recovery in 2019, but few are predicting a prolonged rally to entice potential capital market issuers.
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China’s Dalian Wanda Group has filed for a US IPO of up to $500m for its sports business, according to a source close to the deal.
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Danske Bank was set to complete its bond sale on Friday at a slightly higher price, after activist investor Bill Browder forced a delay due to his comments about its money laundering scandal this week. Before the postponement, Danske had drummed up a large amount of support in the dollar market, as UniCredit did earlier in the week.
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Marsh & McLennan Companies printed the biggest deal in its history with a multi-tranche merger and acquisition financing this week, providing a hint of optimism in the dollar market.
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In this round-up, US-China extended the previously planned two-day trade talk to a third day, Li Keqiang met Tesla’s Elon Musk, and the state council rolled out lower tax rates for small and low profit businesses.
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That US president Donald Trump’s administration should pick a fight with the World Bank — and the bevy of other multilateral development banks the US owns shares in — is no surprise.
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Cultured, guitar-playing capital markets banker who was widely seen as the best SSA originator in the business died on December 26. He was 48 and had been suffering from cancer.
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There has been precious little cheer in the dollar market but Anheuser Busch Inbev (AB InBev) provided some on Thursday when it printed the biggest corporate investment grade trade since October amid signs of improving sentiment.
