Bank of America
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The European high yield market this week was in ebullient mood as borrowers left behind the Easter holidays and brought a wide variety of deals to market.
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While the public sector bond market in euros faces uncertainty, dollars is providing borrowers with a haven for issuance.
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JP Morgan and Goldman Sachs followed in the footsteps of European banks by tapping the dollar market for tier one capital this week, exploiting investors’ thirst for yield.
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After a quiet start to European block trade activity in the week after Easter, deals began in earnest this week, with five substantial selldowns of companies floated in the past two years, and then a €198m trade in Abertis on Thursday evening.
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UBS, Bank of America Merrill Lynch and JP Morgan are tonight selling a 1.34% stake in Abertis Infraestructuras, the Spanish construction and concessions company, to hedge a derivative transaction with Obrascon Huarte Lain.
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Some senior unsecured FIG borrowers in euros were met with a less than stellar response from investors this week.
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Nordic Investment Bank’s choice of Swedish kronor for the week’s third socially responsible bond paid off on Thursday as Transport for London announced plans to make it four. -
Investors are hoping that FirstRand, the South African bank, will be offering more generous terms for the relaunch of a Reg S senior unsecured dollar bond, having pulled the deal in November 2014.
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Investors are hoping that FirstRand, the South African bank, will be offering more generous terms for the relaunch of a Reg S senior unsecured dollar bond, having pulled the deal in November 2014.
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Bank of America Merrill Lynch had a bumper first quarter for advisory fees, which were up 50% on the year to $387m, though debt capital markets, historically the biggest business in BAML’s investment banking division, had a tougher time.
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Indomobil opens $100m in general — Two lead Hyva ‘s $295m refi loan — Formosa seeks $138m — PTT Global Chemical French arm wraps up loan
