Bank of America
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The European Investment Bank this week cut the ribbon on the post-summer market for large dollar benchmarks, although there were more than a few nervous glances ahead to this Friday’s Jackson Hole speech by US Federal Reserve chair Janet Yellen. -
The $1bn loan for telecoms firm MTN needed an accordion feature to get it to target size, even though the loan market has so far shrugged off the volatility surrounding allegations against the country’s finance minister.
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Bankers are braced for a bumper September of corporate dollar issuance as M&A funders look to tap the market amid huge demand for high grade paper.
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Hemso Fastighets and Galp Gas Natural Distribuiçao on Thursday mandated banks to issue bonds during the first two weeks of September.
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The gap to repay a €2.7bn bridge facility that supports HeidelbergCement's purchase of Italcementi is set to close once the former cashes in the sale of its West Virginia factory.
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The loan for South Africa’s MTN, which is partly underwritten by BAML and Citi, may have to include an accordion feature to hit its $1bn target size, said a banker on the deal.
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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.
