Barclays
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A stream of dollar issuance over the last few weeks looks like it will keep flowing right into this Wednesday’s US Federal Reserve meeting, after a pair of borrowers mandated on Monday for no-grow $1bn deals. -
Petrochemical manufacturer Ineos on Monday launched a €1.1bn-equivalent refinancing deal into a high yield market that has thrown caution to the wind.
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Eircom, the Irish telecoms company, on Monday launched a €200m tap of a high yield bond issued last month, which would cut its exposure to bank lending in its new €2.4bn debt structure.
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The privatisation of Enav, the Italian air traffic control system, reached a successful conclusion on Thursday, proving that large IPOs can still happen in the post-Brexit equity market, even in Italy, where stocks have been hit hard.
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European Central Bank president Mario Draghi has in effect told market participants to come back after summer if they want to see any further monetary stimulus — but belief that such stimulus is on the way helped a trio of euro deals this week.
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Israeli-American pharmaceutical company Teva ripped through a severely undersupplied European corporate bond market this week, making savage price cuts on all three tranches of a €4bn trade that still ground tighter in secondary markets. Ross Lancaster reports.
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Teva Pharmaceuticals had the corporate dollar market in its thrall this week as it took advantage of US corporate earnings blackouts to print a $15bn M&A blockbuster that attracted nearly $70bn worth of orders.
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Commonwealth Bank of Australia drew more demand than any other euro denominated Australian covered bond in over three years when it issued a €1.25bn 10 year this week.
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Teva completed the final leg of the bond financing for its acquisition of Allergan's generic drugs business on Thursday, issuing a Sfr1bn ($1bn) triple tranche Swiss franc deal.
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The first sterling senior unsecured FIG deals to hit the market since the Brexit vote brought in astonishing demand, first for a blockbuster £1bn trade from Wells Fargo, followed by a bond from Bank of America Merrill Lynch that brought total sterling issuance to £1.75bn on the week.
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CDB Capital, a wholly-owned subsidiary of China Development Bank Corp, has mandated banks to arrange a roadshow from Friday for a Reg S only dollar trade.
