Bank of America
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The week began with that rarest of things in recent times, a welcoming political backdrop. It was marred, however, by monetary policy meetings from the two most important central banks in the world. While the US Federal Reserve’s second rate hike of the year was a foregone conclusion, it caused the dollar curve to flatten still further, making the euro market even more fertile funding territory than it has been for SSAs. But even so, euros had its own struggles this week, facing what one head of SSA syndicate called “one of the most important and unpredictable European Central Bank meetings for a long time”. Lewis McLellan reports. -
Public sector borrowers looking for dollar funding are likely to have to go even shorter than they have been used to after this week’s Federal Open Market Committee meeting, said SSA bankers.
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US firm Comcast has doubled down on its jumbo acquisition plans by offering to buy 21st Century Fox in an all cash $65bn deal that the cable company says it will run concurrently with its bid against the purchase target for UK media company Sky.
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The margins paid by Michigan utility CMS Energy on two revolving credit facilities totalling $1.4bn will, for the first time, be linked to its sustainability goals, as a result of amendments signed on June 5.
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Kommuninvest on Tuesday took advantage of a quiet dollar market to sell its largest ever deal, despite only offering a concession of 2bp, according to the lead managers.
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Bank of America Merrill Lynch has hired Lazard’s Larry Slaughter as executive vice-chairman of global corporate and investment banking, the first time the firm has appointed a banker to this role outside the US.
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Kommuninvest is out with a dollar trade in what bankers expect to be a fairly quiet week bisected by a likely target rate hike by the Federal Open Market Committee.
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SSA borrowers are streaming into the euro market, flooding the early part of the week with deals in an effort to secure funding before a slew of central bank meetings towards the end of the week.
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The IPO of Adyen, the Dutch payments processing company, is due to be priced at €240 a share, the top of the initial range, after the deal has attracted “unprecedented” levels of interest from investors.
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Lloyds Banking Group sold its remaining stake in Standard Life Aberdeen after the market closed on Thursday night in a £344.3m block trade.
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Dutch data centre operator Interxion sold a €1bn bond deal this week, the largest fixed rate junk bond of 2018 so far, as the European high yield primary market starts to warm up after a quiet couple of weeks.
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