JP Morgan
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Conduct charges defined third quarter results at Bank of America, while Citi and JP Morgan also saw their numbers marred by litigation provisions or conduct failings. Only Goldman, of the first crop of US investment banks reporting this week, largely escaped a blow from past misdeeds.
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The syndication of German pharmaceutical company Merck’s $15.6bn of loans for its acquisition of US life sciences firm Sigma-Aldrich was the latest in a series of transatlantic M&A related loans for investment grade German borrowers to close oversubscribed. Banks have plenty of cash and are keen to use it, but a trend for large tickets and slim banking groups means there may not be enough to go around. -
The European Stability Mechanism is the only sovereign, supranational or agency lined up to syndicate in euros next week — and it will do so in very different conditions to the last time it printed. Volatility that some bankers said they had not seen since 2009 or 2010 hit markets in the second half of this week — meaning KfW could not have timed things better by coming with a deal on Tuesday.
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German bearings firm Schaeffler has priced its €1.77bn-equivalent term loan ‘B’ at the wide end of its guidance range in response to weak demand from the US market.
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The syndication of German pharmaceutical company Merck’s $15.6bn of loans for its acquisition of US life sciences firm Sigma-Aldrich has closed oversubscribed, with banks eager to accept a large portion of the bridge facilities.
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Asian insurers are making their presence felt in the international debt market after Korean Reinsurance (Korean Re) became the fourth name to issue a bond in six weeks. While market participants are quick to point out that the deals are unrelated, they predict more is coming from the sector as Asia makes the step up to Solvency II, write Virginia Furness and Rev Hui.
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German ball bearing producer Schaeffler has priced its €1.77bn-equivalent term loan ‘B’ at the wide end of its guidance range, in response to weak demand from the US market.
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Turkish Yapi ve Kredi Bankasi astonished the market on Wednesday by seeming to accomplish what looked like an impossible feat — pricing a $500m five year bond in a day where its curve was sent 25bp wider in spread terms by US Treasury volatility.
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Tentative allocations are out for smartphone maker Xiaomi’s $1bn dual tranche loan. The deal has proved popular as bankers are eager to lend to the company that has ambitious plans for global expansion.
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A cacophony of troublesome macro conditions are rocking the markets and could make issuance exceptionally tricky for issuers looking to print dollars in the coming weeks. A pair of borrowers felt the pain on Wednesday, with their leads setting pricing in line with initial price thoughts and at least one of the deals undersubscribed — a far cry from a series of blow-out dollar trades since the market reopened after the summer.
