Bank of America
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Israeli-American pharmaceutical company Teva ripped through a severely undersupplied European corporate bond market this week, making savage price cuts on all three tranches of a €4bn trade that still ground tighter in secondary markets. Ross Lancaster reports. -
Teva Pharmaceuticals had the corporate dollar market in its thrall this week as it took advantage of US corporate earnings blackouts to print a $15bn M&A blockbuster that attracted nearly $70bn worth of orders.
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An attempted coup in Turkey last Friday threw its borrowers into a maelstrom of pulled bonds, credit rating uncertainty, and the country itself into a three month state of emergency. Unlike their loan market counterparts, bond and money market investors have been wary of calling the bottom of the resulting sell-off, but the damage is contained as EM bond inflows enjoyed another record week, writes Francesca Young.
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US banks coming out of earnings blackouts provided all the fare in FIG this week, and deals flew to investors who have seen almost no paper since mid-June.
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The first sterling senior unsecured FIG deals to hit the market since the Brexit vote brought in astonishing demand, first for a blockbuster £1bn trade from Wells Fargo, followed by a bond from Bank of America Merrill Lynch that brought total sterling issuance to £1.75bn on the week.
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US banks, which opened second quarter reporting this week and last, said Brexit had driven ‘new peaks’ in volumes at trading divisions, with signs of market share gains for the US houses as well.
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The run of success for public sector borrowers continued on Wednesday, as strong demand and a high quality book allowed NRW.Bank to price flat to its curve.
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Israeli-American pharmaceutical company Teva made a swift entry into the European investment grade corporate bond market on Wednesday, winning an order book to rival AB-InBev’s €13.25bn record breaker.
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US banks coming out of earnings blackouts have provided all the fare in FIG so far this week, and the trend continued Wednesday as Goldman Sachs and Bank of America hit the euro senior unsecured markets. And though primary market activity is subdued, those deals that are coming are ballooning with pent-up demand.
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The Thai government has hired three local and two international banks to work on the planned Bt100bn ($2.8bn) listing of the Thailand Future Fund (TFF), which sources said is slated to hit screens next year.
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Predictions that the Argentine province of Chubut’s debut public dollar bond would trade well were proven correct on Wednesday as bankers said demand for Argentina risk was unsated despite large new issue premiums.
