Bank of America

As Turkish bank borrowers prepare to refinance existing debt, a plethora of domestic and geopolitical troubles has once again brought pricing into question. Though secondary market spreads remain tight, bankers say primary issuance could widen.

Ontario Teacher’s Finance Trust has hired banks for a dollar benchmark trade, in a week expected to be characterised by blank screens in dollar issuance.

The US high grade corporate bond new issue market went dark for two days this week, as corporate America skulked in earnings blackouts. Next week could be big, but it is likely to be a long, dry summer.

L-Bank issued its biggest single bond in dollars this week while the Inter-American Development Bank (IADB) printed its first ever dual tranche trade in the currency. But some market participants warned that the good times at the short end of the dollar curve might be coming to an end.

India’s Adani Ports and Special Economic Zone has bagged $650m from 144A/Reg S bonds to fund a tender offer of notes due next year, pricing the new issuance at a competitive level.

SSA names found the going varied in dollars on Tuesday, with the Inter-American Development Bank only just covering the minimum size of its tightly priced short end trade while Land NRW and L-Bank saw chunkier demand.

Prime US real estate investment trust has bagged S$829.7m ($611.6m) from its Singapore IPO, becoming the third pure US property Reit to list in the city-state this year.

Budweiser Brewing Company Apac shelved what could have been the largest float globally so far this year and the biggest in nearly a decade in Hong Kong after investors rejected its punchy valuation target, dealing a blow to the city’s IPO market.

Event-driven hedge fund Sand Grove Capital Management has disclosed a 5% stake in UK car dealer BCA Marketplace, the subject of a takeover offer from TDR Capital. The purchase follows big sales from some of BCA’s cornerstone shareholders who had agreed to support the bid, including embattled Woodford Investment Management, and Invesco.

Bank of America Merrill Lynch has hired a senior banker from UBS to manage its equity capital markets business in the German-speaking region.

ArcelorMittal jumped into the dollar bond market on Thursday to take advantage of strong funding conditions, after Jerome Powell, chairman of the US Federal Reserve, stoked hopes of a rate cut in July.

Germany’s Infineon Technologies and compatriot ZF Friedrichshafen have signed acquisition-related loans totalling €16.8bn, as loans bankers allow themselves a small sigh of relief after months of deal drought.