Americas
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The low rates in Europe are making the euro high yield market an attractive option for US issuers like Belden, a St Louis-based manufacturer of telecoms equipment, which is launching a new euro bond to buy back old deals in euros and dollars. More US issuers are coming to euros, say bankers and investors. -
The Province of Alberta printed a strong 10 year dollar benchmark on Thursday — the first in that maturity from an SSA since late January — leading the way for others to follow, said SSA bankers. Elsewhere, five years was very much in vogue in the dollar market — although there were some signs of investor fatigue by the end of the week, despite more issuers being expected to look at the tenor next week.
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Fresh doubt has been cast on whether the record-breaking $100bn loan package for US chip maker Broadcom will come to fruition, after a US national security committee took the unusual step of issuing a public warning against the acquisition that the funds will finance.
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The Province of Alberta printed a strong 10 year dollar benchmark on Thursday — the first from an SSA since late January — leading the way for others to follow, said SSA bankers. Elsewhere, Export Development Canada was unable to move from price thoughts on a five year global.
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Three sterling deals this week matched the busiest week of 2018 for the currency as two UK corporate issuers returned to the market after notable absences and a US issuer opted for sterling for its first non-dollar deal.
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CVS Health printed the third-biggest bond deal of all time as it funded its $67.5bn acquisition of Aetna. Bankers hope that a revival in M&A activity will provide a shot in the arm for supply.
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Brazilian energy company Petrobras has tapped the loan market for a $4.35bn revolving credit facility from 17 banks.
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Regulators in the United States were afforded greater powers to scrutinise cryptocurrency spot markets this week, as supervisory bodies around the world come to grips with the nascent asset class.
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Fairfax Financial Holdings, the Canadian holding company of a number of insurers and reinsurers around the world, has announced a roadshow for a deal in euros.
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Chinese video streaming platform Bilibili filed a prospectus with the US market regulator this week, eyeing up to $400m from an IPO of American Depository Shares (ADS).
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Paraguay wrapped up two days of investor meetings on Wednesday, and the South American sovereign will have New York bond syndicate desks wishing it the best of luck if it announces a new deal on Thursday — as expected.
