Volkswagen left nothing to chance on its first euro unsecured bond since the emissions cheating scandal, with the issuer printing a blockbuster trade that silenced any concern about its access to the capital markets.
Anglo-Swiss miner Glencore sold its first US dollar bond in two years last Tuesday, but the deal tumbled after pricing as a global sell-off added to a backlash against the deal’s tight spread.
A brace of IPOs means Poland is back on equity investors’ radars for the first time in years, and the quick coverage for supermarket group Dino Polska’s float shows institutions are keen to buy.
Argentina returned to the Swiss franc market last Thursday after an absence of nearly two decades, although the sovereign’s lowly ratings and chequered history meant the deal was an acquired taste for investors.
Swap execution facilities are facing a new regime that some believe could make or break the platforms after acting CFTC chairman Christopher Giancarlo vowed to fix flawed swaps rules and allow market participants to choose the manner of execution best suited to their swaps trading.
Investors are shunning the bonds of US retailers, even though much of the paper from the troubled sector is available at bargain-basement prices.
Silver Run Acquisition II, a special purpose acquisition company sponsored by Riverstone Group and headed by former Anadarko Petroleum CEO James Hackett, had a hard time turning investors away on its US$900m IPO. An initial target of US$400m for the energy-focused SPAC increased to US$550m before settling at US$900m. Exercise of the greenshoe, a likely outcome, would make it the largest-ever US SPAC float.
Highly leveraged aluminium producer United Company Rusal won over sceptical Chinese investors to complete Russia’s first Panda bond almost seven years after it first attempted to raise funds in renminbi.
Caixa Geral de Depositos cajoled investors into buying €500m of its most deeply subordinated debt, a key element in the state-owned bank’s recap plan, but the 10.75% coupon is the highest since the market’s infancy in 2013.
Chinese companies have completed only US$1.1bn of merger-and-acquisition loans so far this year, as government efforts to curb capital outflows and “irrational” overseas takeovers have taken a toll on event-driven lending, Thomson Reuters LPC data show.