Volkswagen paid significant concessions to raise €5.15bn-equivalent in euros and sterling last week, triggering intense debate over whether the deal’s execution has decisively shifted pricing power to investors or whether the company was simply a victim of tricky circumstances.
UniCredit Bank printed the first Triple A, intermediate-dated German Pfandbrief priced without a negative swap spread in over two and a half years last week, with its Italian connection cited as the prime factor.
SoftBank Corp, the mobile phone unit of Softbank Group, is pressing ahead with a mammoth ¥2.41trn (US$21.1bn) IPO, hoping a decent yield will help the deal sail through a turbulent market.
Two bitter rivals entered the primary market last week, but while Gazprom emerged unscathed with a euro offering, its Ukrainian adversary Naftogaz’s proposed US dollar bond drowned in a sea of troubles.
The UK’s financial services industry greeted the news of a draft Brexit agreement with weariness and worry on Thursday, citing multiple hurdles that the government must overcome before they can Brexit-proof the industry.
TSB Bank was forced to pull a debut Sonia-linked sterling covered bond after its decision to bring the trade as UK politicians digested the draft Brexit agreement backfired.
US Senator Elizabeth Warren sent a letter to regulators on Wednesday expressing concerns about underwriting standards in the leveraged loan market, which she says could pose serious risks to the economy.
Two companies backed by Chinese tech giants Tencent and Alibaba have had to slash their valuations below their pre-IPO levels to push ahead with Hong Kong listings in weak markets.
General Electric’s transition to Triple B has been painful, with some of its bonds now trading like junk and further selling expected as investors rethink their exposure.
Ailing conglomerate General Electric sought to ease concerns about its liquidity and excess leverage by raising US$3.8bn from an accelerated sale of its stake in oilfield services unit Baker Hughes, but the move may have only temporarily relieved pressure on its share price.
The US leveraged loan market is looking forward to its first jumbo buyout loan of 2019, after the US$13.2bn acquisition of Johnson Controls International’s power business by private equity firm Brookfield Business Partners.