Barclays
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UK property company Hammerson has signed a new £1.5bn three year revolving credit facility, bringing in a dozen banks for a financing aimed at slashing the funding costs of its acquisition target, Intu. -
The auto finance arm of General Motors opted for shorter maturities to try to ensure the success of its first bond sale of 2018 on Monday. But the €1bn dual-tranche deal only received orders of €1.7bn and the lead managers were only able to tighten one of the tranches from initial price thoughts.
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Barclays has hired a senior credit trader from Citi as another high profile addition to its US credit business.
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Barclays and Nordea will lead the financing of what is expected to be one of Europe's largest public to private takeovers this year, the acquisition of telecoms company TDC by DKT, a peer owned by a consortium of investors.
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Rural Electrification Corp ventured out with a 10 year deal on Thursday, despite recent bonds with the same tenor widening by as much 10bp in the aftermarket. But the Indian issuer was vindicated in its choice, with its notes seeing solid secondary performance.
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HDFC Bank sold its debut offshore rupee bond on Thursday, opening an untapped market for Indian banks.
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The going was heavy for dollar borrowers as investors demanded extra concessions amid poor performance as CVS Healthcare’s trade from the previous week appeared to re-price the market.
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Corporate bond issuers who sold their deals earlier the week found execution much easier than those who came later in the week. Strong order books and single digit new issue premiums gave way to premiums of as much as 20bp and one deal having to be downsized.
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Swissport, the aviation services group, this week launched a €325m add-on to its euro leveraged loan to finance its acquisition of Aerocare, a peer based in Australia.
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The African Development Bank was awash with superlatives from SSA bankers watching on jealously as it printed a $2bn March 2021 global through mid-swaps on Wednesday. The supranational — like other SSAs in dollars this week — benefited from widening swap spreads that some analysts believe have further to go.
