Bank of America
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Volkswagen printed the biggest trade in its history as high-grade corporate borrowers blitzed the dollar market in response to the results of the US mid-term elections. -
The State of North Rhine-Westphalia rounded out the week’s euro issuance with an oversubscribed 10 year euro deal that was priced 1bp inside guidance.
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BMW Finance found no reduction in the demand for its paper, despite its new issue on Thursday being its fourth dual-tranche deal of the year. The company has sold at least €1.75bn during each previous quarter of 2018, and it hit that mark again with its shortest combination of tenors.
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Qiagen, the Dutch biotechnology company, has returned to the equity-linked market to sell a six year senior unsecured convertible bond with a similar call spread structure to one it sold in September 2017.
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Garanti Bank has launched syndication to refinance a $1.15bn-equivalent loan, as bankers assess Turkish banks' funding activity during the country's recent period of economic upheaval.
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The European Financial Stability Facility has opted to tackle a part of the euro curve where KfW found substantial demand last week, with a trade that SSA bankers said should provide a steer on the health of the euro market. There was one positive sign for the sector on Monday, as a Dutch agency increased the size of an SRI bond from its initial target.
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Digital Realty, the US data centre company, has signed a global syndicated loan package totalling $3.3bn across a range of currencies, weeks after the firm ventured into the sterling bond market.
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A megayacht of a trade from KfW this week suggested that potential headwinds — including the end of quantitative easing, Italy’s reckoning with the European Commission and Angela Merkel’s plan to step away from politics — are failing to sink sentiment in the euro market. But some SSA bankers warned that the trade was more just proof that KfW can float in these conditions — and that an upcoming deal for the European Financial Stability Facility (EFSF) will be a better buoy for the sector’s currents.
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Yapı Kredi is the latest top tier Turkish bank to refinance hard-currency debt, with a $1.1bn equivalent loan. It is the largest Turkish bank refinancing of the season, indicating that there is resilience in the market, and Garanti Bank is set to follow.
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Aryzta, the Irish/Swiss bakery, won shareholder approval for its €790m rights issue on Thursday – but only just, as its investors questioned the plan to raise capital.
