Bank of America
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China’s Xinyuan Real Estate brought a three year deal to the dollar market on Wednesday, attracting yield-hungry investors with an 8% handle.
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The $4bn of loans for Steinhoff’s acquisition of Mattress Firm are in syndication and due to be signed next week, according to a banker involved in the deal.
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Hyundai Capital Services got the timing right on its 144A outing on Tuesday, making an opportunistic move before the markets become crowded with South Korean names. Market participants said HCS’s efforts in putting together its trade paid off, with a win-win outcome for both investors and the issuer.
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China’s Xinyuan Real Estate opened books for a new three year dollar bond on Wednesday, and is looking to use the proceeds to repay debt, including its outstanding 2018s.
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The European Investment Bank kicked off post-summer jumbo dollar issuance on Tuesday with a well-received five year deal, as another issuer jumped in with a shorter dated mandate.
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Fantasia Holdings Group benefited from a quiet market and the rarity element of dim sum credits, adding Rmb1bn ($150.4m) to its 2019s with a quick tap on Monday.
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Hyundai Capital Services (HCS) opened books for a three year dollar-denominated note on Tuesday, less than six months after tapping the market for its debut green dollar bond.
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The European corporate bond buyside sees moving into single-B and lower credits as the least preferable way to add yield, based on figures in Bank of America Merrill Lynch’s August credit investor survey.
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After a steady flow of dollar benchmark issuance at the small end of the size scale from supranationals and agencies over the last month, this week looks set to bring a jumbo-sized deal, after the European Investment Bank mandated for a trade.
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Mary Ann Deignan, global co-head of equity capital markets at Bank of America Merrill Lynch, has resigned to join Lazard.
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India’s market regulator met with a group of local and international investment banks last week in a bid to determine why the number of qualified institutional placements has dropped this year, according to sources.
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Fantasia Holdings Group made a rapid return to the dim sum bond market on Monday, opening a tap of its Rmb600m ($92.4m) 9.50% 2019s sold in April this year.