Yapi Kredi’s decision to cancel a bond issue last week following the attempted coup in Turkey has divided bankers, with some questioning the advice the lender was given, and others arguing that canning the deal was a sensible call.
Teva Pharmaceutical raised more than US$20bn across three currencies last week via an acquisition-driven bond that took advantage of pent-up demand for corporate paper in a yield-starved market.
Mydentist on Friday priced the first sterling junk bond issue since the UK voted to leave the European Union, accelerating pricing after receiving a flood of orders that one fund manager described as “a total blowout”.
The signing of Turk Eximbank’s increased €400m-equivalent syndicated loan last Thursday shows that the loan market remains open for Turkish borrowers in the aftermath of the thwarted coup attempt, but lenders expect the size of future deals to decrease – and pricing to increase.
Japanese railway operator JR Kyushu is set to bring a US$3bn–$5bn Tokyo Stock Exchange listing later this year, hoping it will be able to emulate the popularity of the Tokyo-US listing of Japanese messenger app Line.
For an IPO market that is supposed to be dead in the wake of the UK’s decision to leave the European Union and the end of school term that triggers an evacuation of the City, the success of Enav’s privatisation IPO is all the more remarkable.
Canadian Imperial Bank of Commerce last Monday became the first non-eurozone issuer to price a euro deal at a negative yield in any sector.
The European Central Bank has hoovered up bonds with apparently indiscriminate abandon since it implemented its corporate sector purchase plan in June, despite expectations that it would take a more strategic approach.
The Netherlands is facing pressure to ease the toughest rules on bankers’ bonuses in the world, as financial centres seek to grab banking business from London after Britain’s EU exit.
Telecommunications and technology company SoftBank Group has obtained a ¥1trn (US$9.5bn) bridge loan to back its £24.3bn acquisition of UK chip designer ARM Holdings, increasing investors’ concerns about the company’s ability to manage its US$112bn debt pile.