Bank of America
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McDonald’s Corp fell victim to a lack of demand for long dated euro bonds on Monday. It was forced to pull the 20 year component of what had been planned as a four tranche deal. -
The European Investment Bank has mandated for a dollar benchmark, a currency that has formed a much larger part of its issuance compared to the last few years.
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Two Australian banks are exploring the dollar markets. Westpac has opened guidance on a fixed and floating rate note and Macquarie is meeting investors for a subordinated tier two.
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About seventeen lenders have come in for a piece of Noble Group’s $2.25bn syndicated loan during general syndication. The facility’s 15 leads held roadshows in Europe and North America, in addition to Asia, and the list of incoming banks reveals plenty of western liquidity.
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Agricultural Bank of China New York (ABC NY) made its debut in the international bond market by printing a bigger than expected $1.25bn triple tranche offering on May 14. But in order to accommodate to the US investor base, the deal had to be priced at very friendly levels — reflected in its secondary performance.
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The heap of failed IPOs in Europe this year is mounting, with another two deals cancelled this week, almost at the last minute before completion, write Olivier Holmey and Rashmi Kumar.
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The dollar market will still be the place to go for SSAs next week as the euro market comes to terms with a rampant repricing, but not every deal in the market this week fared spectacularly well.
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Despite choppy markets leading to a quiet week for corporate issuance, the pipeline remains strong with several new issuers announcing roadshows for deals set to be launched this month.
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The US high-grade market continued its hot streak this week, with more than $23bn of new corporate deals being priced in three days despite heightened volatility.
