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Credit Suisse

  • ChemChina will choose the banks to participate in the $20bn tranche of its Syngenta acquisition loan imminently, according to a banker close to the deal.
  • Western Digital, the US maker of computer hard drives, has widened pricing on its $9.5bn loan package to entice reluctant lenders. The loan will back Western Digital’s $17bn acquisition of SanDisk.
  • European stocks rallied on Wednesday morning, after the US Federal Reserve’s chairperson, Janet Yellen, struck a dovish note in a speech last night. ECM deal launches did not immediately follow, however.
  • The Government of Mongolia raised $500m from the international bond market on Tuesday, opting to pay up to compensate investors for its vulnerability to external shocks.
  • Brazilian pulp producer Eldorado Brasil Celulose is plotting a potential debut cross-border bond that investors believe could receive a decent reception — if the company waits long enough to issue.
  • The owner of Forterra, the UK maker of masonry products, intends to sell at least a quarter of the firm’s stock in an all-secondary deal that could fetch about £200m.
  • Credit Suisse’s operational risk bond is a beautiful piece of financial engineering — an elegant demonstration that where there’s a buyer or seller, there’s a capital markets solution to a problem. But actually, what it demonstrates is the absurdity of operational risk rules.
  • Holders of Mozambique’s “tuna bonds” have until close of business on Tuesday to accept a restructuring proposal after an early bird deadline was extended.
  • P&M Notebook
    Just when it seemed like the round of investment bank restructuring was quieting down, and moving from splashy announcement to dogged execution, along comes Credit Suisse, again.
  • The Government of Mongolia is out with a 144A/Reg S bond, more than two months after holding meetings with potential investors. Delayed by a series of negative macro factors, the sovereign is offering an attractive yield when compared with its outstanding notes.
  • Fiat Chrysler Automobiles issued €1.25bn of unsecured bonds on Wednesday, the second crossover deal in the European corporate bond market this week.
  • China's Fosun International is planning to spin off and list wholly-owned insurance subsidiary Ironshore, according to a filing with the Hong Kong Stock Exchange.