News content

Teva, the New York-listed Israeli pharmaceutical company, held a meeting with banks on Wednesday for the syndication of $33.75bn of loans to buy generic drug business Allergan Generics.

The socially responsible investment bond market for public sector borrowers is enjoying a late bloom as several issuers line up deals, joining KfW which this week equalled its record breaking debut in size.

Wells Fargo got the week's financial institutions bond market off to a strong start with a large seven year deal giving syndicates hope that others would follow in euros this week. They were disappointed.

Hammerson, the UK property company, plumped for the sterling bond market on Tuesday and was rewarded with a well oversubscribed £350m deal, after a roadshow during which it considered issuing in euros.

The Middle East debt market reopened at last this week with two solid sukuk prints. But the twin benchmarks are unlikely to help bankers figure out how the market will hold up when supply starts in earnest.

Portugal’s secondary spreads widened through the week as uncertainty grew over the makeup of its next government — but the country was among those benefiting on Thursday after a dovish European Central Bank press conference.

The UK Debt Management Office built its largest ever order book for a syndicated bond on Tuesday, but bankers away from the deal felt it was the trade’s timing that was particularly impressive.

Oberthur Technologies, the French smart cards maker, is planning €650m of new loans as it refinances after announcing plans on Monday to make an IPO.

While European banks have been absent from the FIG market this week, insurance companies took advantage of improving market sentiment to issue capital trades.

Those syndicate bankers not away for half term this week were preparing for a pick-up in corporate bond issues in the next fortnight, which could easily carry past the traditional Thanksgiving cut-off point for the end of the year's business.

Germany’s third largest cable operator launched new loan facilities on Wednesday with a lender meeting in London.

Concordia Healthcare Corp allocated its new debt facilities on Tuesday, one day before it was scheduled to complete its $3.5bn takeover of AmCo and after difficulties in the pharma sector led to a big price widening.