Bank of America
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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. -
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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Quantitative easing, perhaps the single most important factor affecting bond prices over the past three years, could be coming to a long awaited end this year. Members of the European Central Bank governing council seemed to hint as much this week, causing govvie spreads to gap wider, writes Lewis McLellan.
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Corporate bond issuers enjoyed tighter spreads and strong order books amid an improvement in issuance conditions as they jumped back into the dollar market this week.
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Swiss Re, the reinsurance group, returned to the equity-linked debt market on Wednesday with a deal that reinforced this issuer’s reputation for financial innovation: a $500m equity-neutral convertible bond that also acts as a contingent convertible security — except with more flexibility for the issuer.
