Bank of America
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Bank of America Merrill Lynch has agreed to underwrite the entire $16.3bn of debt backing Medtronic’s $42.9bn cash and stock takeover of Irish medical technology firm Covidien. -
The reputation of Liberty Global and Discovery Communications played a decisive part in mitigating lenders' concerns about All3Media's credit quality to secure the television production company a £400m-equivalent loan deal, loans bankers said.
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Credit Suisse and ING both hit the senior market with new issues on Tuesday drawing hefty order books for euro deals. While Credit Suisse offered a juicy premium to guarantee success, ING was able to gather almost as many orders at what bankers away from the deal saw as a tight level.
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Far East Horizon (FEH) printed Asia’s second dollar corporate hybrid in less than a week on Tuesday. With investors thirsty for yield in the current low rate environment, the small sized print had attracted a mind boggling order book that allowed the issuer to aggressively tighten final pricing to well under expectations.
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Coventry Building Society, which on Monday began a roadshow for a sterling denominated additional tier one, is set to become the first issuer of AT1 bonds that will convert to an equity-like instrument that have not yet been issued.
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Chinese property manager Colour Life Services Group opened books for its $148m Hong Kong initial public offering on June 17, in a deal which was fully covered by anchor orders even before bookbuilding launched.
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Bank of America Merrill Lynch is set to price a blowout dual tranche senior euro bond on Monday afternoon, offering what bankers away from the deal see as healthy new issue premiums and adding to a busy year so far for US issuers in euros.
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Asian issuers have been rolling out hybrid securities during recent months as the low interest rate environment and strong investor appetite for the region create a conducive setting for corporate capital transactions.
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Oversea-Chinese Banking Corporation (OCBC) printed its second Basel III bond in a little over two months on Thursday. The Singaporean bank is the first southeast Asian lender to tackle a 10 year bullet structure for a dollar new style tier two.
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China’s Tianhe Chemicals Group priced its HK$5.08bn ($658m) IPO close to the bottom of its indicative price range on June 13 as investor interest differed greatly between institutional and retail accounts.
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Issuers benefited from ideal market conditions for senior unsecured trades this week, with spreads rocketing inwards following the European Central Bank’s decision to cut rates last week. While the sharpest part of the rally may be over, issuers are expected to enjoy an easy ride for the foreseeable future as syndicate bankers expect spreads to grind even tighter.
