Bank of America
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The expected wave of merger and acquisition financings broke on the US corporate bond market this week, as Roche and Sysco made triumphant returns while Suntory Holdings issued its first US bond. -
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Virgin Media, the UK cable television, broadband and mobile phone company, substantially reduced the cost of its debt on Tuesday, as it priced $500m and £300m of senior unsecured notes.
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Dollar demand for sovereign, supranational and agency names made its first signs of slowing this week, as one benchmark fell short of full subscription and other deals, while still oversubscribed, showed signs of demand being less exuberant than in the first weeks after the summer break.
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Orange, the French telecoms company, showed the potential of the hybrid capital market for financing mergers and acquisitions on Wednesday, when it raised €3bn towards its €3.4bn acquisition of Jazztel, the Spanish cable and mobile company, just eight days after announcing the bid. Orange did not use a bridge loan for the deal.
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Abengoa issued €500m-equivalent of senior unsecured green bonds on Wednesday, pricing them wider than expected, owing to what one lead banker called “a weak market”.
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Acquisitions announced on Monday by Siemens, Merck and Arkema marked the continuation of a wave of European investment grade acquisitions, with varied outcomes for syndicated loan financing.
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Coal distributor Earth Energy is looking to become the first Thai borrower to issuer an offshore renminbi bond and met investors in Asia during the week of September 22 for a proposed Reg S deal.
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A Japanese lender has joined the eleven leads on Tata Steel’s multi-currency jumbo fundraising and three to four more banks are expected to come in before the loan goes into general.
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Oil rig maker Honghua Group made its inaugural issue in international markets on Thursday, September 18. Having opted for the Reg S /144A format to tap into the US investor base, the Chinese company pulled in an impressive $1.4bn order book for the $200m five year non call paper.
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Reliance Jio Infocomm, the telecoms subsidiary of Indian conglomerate Reliance Industries, opened its $1.5bn dual facility refinancing loan for general syndication on September 19, with a mandated lead arranger and bookrunner group of 15 banks.
