North America
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As fund managers fill their pockets with corporate leveraged finance debt, borrowers like BMC Software are taking advantage of strong conditions to slash funding costs across their financial structure. -
The three corporate bond issuers who sold new issues in euros on Tuesday offered something short, something intermediate and something long. The shorter tranches benefitted from the most interest.
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Ford Motor Credit Co, the financial services arm of US motor company Ford announced a dual tranche corporate bond deal on Monday comprising two floating rate notes.
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Macquarie and JP Morgan had the market to themselves this week, as dollar supply slowed to a trickle ahead of the Thanksgiving holiday in the US. But Yankee banks could help to increase deal flow in the run up to Christmas.
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Property developer Country Garden, which holds the record for selling the Panda market’s largest bond, has obtained approval for a Rmb9.5bn ($1.44bn) issuance programme, the company said in a filing on Hong Kong Stock Exchange on Thursday.
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The high-grade US bond market is set for a much-needed breather over the Thanksgiving holiday as deal indigestion makes way for Turkey-induced dyspepsia.
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American fast food chain operator McDonald’s on Tuesday sold the sixth reverse Yankee deal in a month, issuing a long six year tranche and a 12 year tranche to raise €1.2bn.
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The Commodity Futures Trading Commission (CTFC) imposed $413m worth of fines in the fiscal year of 2017, the derivatives regulator has announced.
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Export Development Canada this week brought what could be the last SSA dollar benchmark of the year, printing a strong deal despite conditions weakening as 2017 draws to a close.
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The Province of British Columbia (BC) completed its second Panda bond on Wednesday, raising Rmb1bn ($150.9m) from a three year deal. The issuer went ahead with the deal despite rising yields in China – pushing the coupon to the top half of the guidance range.
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Export Development Canada tapped the short end of the dollar curve on Tuesday, with bankers away from the deal suggesting it was likely aided by a slight bump in three year swap spreads.
