North America
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US healthcare company Abbott Laboratories debuted in the European corporate bond market on Monday, selling a €3.42bn triple-tranche deal. The proceeds of the jumbo deal were to repay the issuer’s outstanding deals in dollars. -
Emerging markets-focused mining firm Trevali Mining has amended and extending an existing loan facility, bringing its revolving credit facility up to $275m.
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Kate Birchall, the former head of portfolio optimisation and collateral at National Australia Bank, has been chosen by LCH to lead the Asia Pacific operations of its London-based clearing house LCH Limited.
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US president Donald Trump took things up a notch with more tariffs on Chinese imports imposed on Monday, forcing China to retaliate. Meanwhile, his chief economic advisor said trade talks were still possible and BlackRock’s CEO said the US economy may actually benefit from trade war in the short term.
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India’s Azure Power Global is in the market for a $185m capital increase that will be priced before its New York Stock Exchange-listed shares resume trading on Friday.
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Nestle, Électrcité de France and BP have led a stampede to the dollar market ahead of an expected rate hike by the Federal Reserve next week, as credit markets shrugged off trade wars between the US and China.
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Leveraged finance investors in the US and Europe have scrambled for the bonds and loans backing leveraged buyouts of Thomson Reuters’ Financial & Risk business and Dutch chemical company AkzoNobel this week, with demand driving pricing tighter despite aggressive covenant packages. David Bell and Victor Jimenez report.
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American IT services firm DXC Technology made its second visit to the European corporate bond markets on Wednesday and found a good reception from investors for its debut euro issuance.
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Cryptocurrencies have not had a great year. Total market capitalisation of the sector is down 75% from the highs of January, falling roughly in line with what the bears predicted. But that hasn’t seemed to slow institutions’ attempts to get involved.
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US department store Neiman Marcus’s unsecured bonds and term loan have dipped in trading this week after the company said it was moving its fastest growing online business, MyTheresa, out of the reach of lenders.
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Rabobank and Bank of Ireland turned to the dollar market this week to issue senior bonds meeting their minimum requirements for own funds and eligible liabilities (MREL), after both did their first deals in the new format on the same day last month.
