North America
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Investment grade loans bankers are ready to stump up big tickets for bridge loans, and deals are coming their way. Sanofi, the French pharmaceutical group, is readying an $11.6bn debt-financed acquisition of Bioverativ, the blood disorder treatment company, and banks are set to launch at least one other M&A loan into syndication this week. Michael Turner reports. -
Sterling covered bond supply so far this year has been high but Toronto Dominion Bank showed on Monday that demand was also plentiful, as it issued another tightly priced transaction with a strong book.
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The riskiest end of the US high yield market is heating up, after restaurant chain Arby’s priced a triple-C rated bond on Thursday at levels some bankers said would draw in other low-rated borrowers.
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The US Securities and Exchange Commission on Thursday slapped down the possibility of new cryptocurrency exchange traded funds until “significant outstanding questions” were answered with regards to investor protections.
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China’s FX watchdog tells corporates to prepare for more volatility in the RMB exchange rate, the chief of China Banking Regulatory Commission (CBRC) criticises illegal activities in the banking sector, and a domestic Chinese credit rating agency moves US sovereign rating as a result of the recent tax cut.
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South Korean firm SK Biopharmaceuticals Co has sent a request for proposals to foreign banks and securities firms as it looks for candidates to lead its IPO, according to a source familiar with the matter.
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Aircraft leasing company AerCap was the only benchmark-sized corporate issuer in the dollar market as earnings blackouts enveloped the investment grade market in the US.
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Wall Street’s biggest banks hit the dollar bond market with multi-billion offerings after reporting fourth quarter earnings this week, and supply-starved investors piled into the new deals.
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The three year part of the dollar curve took centre stage for public sector issuers this week, having played second fiddle to fives so far this year. Issuers were met with just as strong a reception in the short end of the curve as they have enjoyed in fives so far — and SSA bankers believe some could be tempted to test the longer end.
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Exuberant US high yield bond investors have driven spreads to multi-year tight levels. Guggenheim said on Thursday that high yield portfolios would earn little over a 10 year Treasury on an adjusted basis, but this is not stopping the rush of buyers into new issue deals. David Bell reports.
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DNB Boligkreditt and Canadian Imperial Bank of Commerce this week issued the first five year covered bonds of the year and found strong demand, even though there was a sensitivity around the final spread.
