Bank of America
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State Bank of India has closed its loan at $554.5m, managing to gather enough demand during syndication to increase its borrowing from the launch size of $390m. -
Silicon wafer fabrication firm Inotera Memories raised $418m from a Global Depositary Receipt offering on May 8 tapping the markets at a time when its Taiwan-listed shares are at an all-time high.
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Noble Group, a supplier of agricultural and energy products, metals and minerals, has increased the final size of its loan to $2bn from the launch size of $1.35bn, with an impressive showing in syndication that saw some 40 banks join in.
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Concerns over Brazilian economic growth are apparently not strong enough to prevent issuers from the country making the most of bond investors’ desperate search for yield. First Caixa Econômica Federal and then Fibria Celulose issued tightly-priced, well oversubscribed deals at a larger than originally indicated size this week.
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US bond specialists predicted many things for 2014, but few expected a rally in Treasuries. Yet this week the 10 year Treasury yield fell to 2.55%, making borrowing conditions even more attractive for high grade companies.
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A long-awaited new wave of mergers and acquisitions is set to buoy the struggling European syndicated loan market, senior bankers said this week after the emergence of a jumbo bridge loan to finance Bayer’s $14.2bn acquisition of Merck & Co’s customer care business. Michael Turner reports.
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Low supply in April plus an expected rates cut from the European Central Bank next month should have investors gagging for sovereign, supranational and agency paper in euros at any price offered. But as borrowers demonstrated this week, successful deals will be those that offer something in terms of pricing or maturity, as buyers look to pick up yield or spread in an ultra-low rates environment, writes Tessa Wilkie.
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China Cinda Asset Management made its dollar debut on Wednesday night with a $1.5bn dual tranche bond. Although negative sentiment on China led dealers to take a cautious approach with initial guidance, the trade was able to land inside fair value after pricing tightened by 25bp.
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Media companies are rare birds in the European corporate bond market, so it was a surprise on Wednesday when, with Pearson in the midst of a roadshow, it was leapfrogged by Wolters Kluwer, which brought out a €400m no-grow deal.
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German chemical and pharmaceutical company Bayer has mandated three banks for a bridge loan to finance its $14.2bn acquisition of Merck & Co's consumer care business.
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Sovereign, supranational and agency issuers should be able to take advantage of pent-up demand to print benchmarks at ultra-tight levels next week, following a popular print from the European Stability Mechanism on Wednesday which came 3bp inside initial price thoughts.
