Bank of America

Bank of America Merrill Lynch and Deutsche Bank, two of the institutions named in a US lawsuit alleging manipulation in the dollar SSA market, have filed preliminary settlements for a total $65.5m, court documents show.

Hyundai Capital Services is kicking off the week with a dual tranche dollar deal that will be sold to investors in Asia, Europe and the US.

Jamaica underlined the issuer-friendly conditions on offer in EM bond markets this week after an oversubscribed tap of two bonds that left some investors with allocations of zero amid a simultaneous buy-back.

Amazon dominated US corporate bond issuance this week, but aside from the online retailer’s $16bn jumbo deal, there was over $8bn of paper from five other issuers. However, bankers believe this will be the last week of material supply before the annual two week break in the US market.

Some banks will emerge from summer with a pressing need to secure new staff, but coverage gaps are taking longer to fill, writes David Rothnie.

Amazon priced the third jumbo M&A financing bond issue in a month in the US corporate bond market on Tuesday. The $16bn seven tranche package was the fourth-largest new issue of 2017, but the summer of 2017 could signal the high point of M&A related issuance for some time, writes Nigel Owen.

Standard Bank of South Africa is looking to raise funding in what will be its first international markets deal for 10 years, according to sources.

Amazon will dominate US corporate bond issuance on Tuesday when it announces a multi-tranche transaction to refinance the $13.7bn financing package put in place for its acquisition of Whole Foods.

The US market is expected to dominate corporate bond issuance this week. The final new deals before Wall Street all but shuts down for its annual two week break could feature one large deal, while pricing may be affected by the ongoing war of words between the US and North Korea.

State-owned insurer New India Assurance Co (NIA) has submitted a draft prospectus for its IPO, which could be worth up to Rp75bn ($1.2bn), according to a banker working on the deal.

The US investment grade corporate bond enjoyed a huge week of issuance as nine borrowers printed deals on Monday before British American Tobacco delivered $17.25bn on its own on Tuesday and plenty more came on Wednesday and Thursday. Bankers predict another heavy week to follow before supply slows for the traditional summer break.

British American Tobacco set fire to any notion that markets close in August this week with a $20.8bn bond bonanza. It brought a $17.25bn eight tranche deal on Tuesday — the second largest bond transaction of the year in the US — and followed that with a €3.6bn-equivalent four tranche dual currency deal in Europe on Wednesday. Nigel Owen reports.