Bank of America
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The dollar bond market for public sector borrowers this week rounded off a spectacular January, with many bankers describing it as “perfect” and the best in five years. -
Although the European high yield market priced only one sterling issuer this week, some debt advisers say the pipeline is building up.
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Johnson & Johnson has offered Actelion a 23% premium on its shares in a $30bn all-cash bid, in what would be the largest European pharmaceuticals transaction in a decade. And with M&A activity strong during January, investment grade loan bankers are feeling more optimistic.
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VodafoneZiggo completed a bumper refinancing deal on Wednesday as several other leveraged finance borrowers came to market with euro deals, relentlessly pushing the market's repricing trend further.
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A trio of issuers brought deals across the short end of the dollar curve on Wednesday, adding to what one SSA syndicate head described as the “ideal January”. Supply looks to have dimmed for now, with no deals on screen for Thursday and Chinese New Year holidays next week likely to halt benchmark issuance, but bankers believe conditions are so hot that arbitrage deals or floating rate notes could still break through.
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Corporate bond issuers are still coming to the euro market, but at a slower pace than in the past fortnight — perhaps a good thing, as signs of indigestion began to creep into the secondary market last week, and some new issues traded weakly.
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In a relatively quiet week for live equity deals, Novartis, one of Europe’s largest pharmaceutical companies, has said it is considering an IPO or spin-off of its eye care division, and a real estate investment trust announced the year’s first London IPO of significant size.
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Public sector borrowers are staying focused on the belly of the dollar curve, with a pair of issuers lined up for Wednesday. Demand at that part of the curve shows no sign of letting up, with two issuers out in fives on Tuesday — one of which was able to increase the size of its issue from its initial target.
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VodafoneZiggo obtained the go-ahead from leveraged loan investors on Tuesday to increase the size of its refinancing deal by more than €2bn while cutting margins.
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Pattern Energy, a US renewables roll-up, priced its debut high yield bond on Friday, after the $350m offering had been marketed to investors last week.
