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Bank of America

  • Total on Wednesday priced a €1bn floating rate note and an €850m fixed rate bond, just a day after it issued a six year sterling deal.
  • Excitement around the Shanghai-Hong Kong Stock Connect combined with Hong Kong-listed China Unicom’s lagging share price to help Telefónica Internacional net HK$6.7bn ($859m) from the sale of a 2.5% stake in the company via a block trade on November 10, one of Asia's largest this year.
  • US pharmacy chain Walgreen completed the bond financing of its acquisition of Alliance Boots on Monday with sterling and euro bonds totalling some €1.5bn. Strong demand for US credits allowed the bonds to be priced tightly, with the euro tranche considerably inside Walgreen's dollar bonds, according to one lead manager.
  • Serco, the UK outsourcing group, had a horrible day in the stockmarket on Monday, as its shares plummeted by 32% after it announced £1.5bn of impairment charges and a £550m rights issue. After that, the shares remained stable for the next three days.
  • The Islamic Republic of Pakistan has ditched plans to sell some of its shares in Oil & Gas Development Corp (OGDCL) as investors shunned the paper due to discontent with the pricing.
  • The Hong Kong equity market has a fairly large deal to contend with on November 10 with Spanish telecom giant Telefónica Internacional in the market to sell a HK$6.78bn ($875m) stake in China Unicom (Hong Kong).
  • On Friday Nestlé extended by a year €5bn five year revolving credit facility it had signed in October 2013. The Swiss foods producer also replaced a €5bn-equivalent short term facility with a new facility of €6bn.
  • Reliance Jio Infocomm’s $1.5bn dual tranche loan that opened in September has received around $280m in commitments from five lenders during general syndication. At least five more banks are processing approvals for the loan and the deadline for commitments has been extended to November 24 to allow them to come in.
  • Yildiz joined the glut of Turkish food companies looking for loans this week, as it eyed as much as £900m to back its £2.1bn acquisition of Jaffa Cake maker United Biscuits. The loan adds to Ülker Biscüvi and Yıldız subsidiary Ak Gıda, which were set to close conventional and Islamic deals this week.
  • SEB got the additional tier one market back on to a strong footing on Thursday, selling the first AT1 from a European bank for almost two months to a rapturous reception. National Australia Bank was also active in the subordinated market, overcoming concerns over a novel structure to sell the first Basel III-compliant tier two deal from an Australian issuer in euros.
  • United Internet — Marine Harvest — Heathrow
  • Dutch paint and chemicals company AkzoNobel beat the rush to the euro market, which has been busy this week, by bringing a rare €500m 10 year bond last Friday.