North America
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Two Yankee banks hit the dollar market so ensure that the pace of issuance continued to outstrip last year.
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Global investors continued to pour cash into the US high grade dollar market this week but supply remained sluggish and on course for the slowest February since 2011.
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US healthcare research firm Quintiles IMS launched a $3.065bn-equivalent term loan ‘B’ refinancing and add-on this week. By Thursday the firm had dropped the add-on however as its €850m eight year notes offering proved popular. -
The spate of Reverse Yankee will grow on Friday with Avery Dennison Corporation expected with an eight year euro transaction.
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The Province of Quebec is set to follow its neighbour Ontario into green bond issuance, opening books for the inaugural bond on Thursday.
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Jeanswear maker Levi Strauss priced on Thursday a new refinancing deal in euros, having been absent from the European high yield bond market for seven years.
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US pharma research firm Quintiles IMS Holdings printed on Thursday a new €1.4bn high yield bond, proving that European high yield investors are embracing the train of US issuers printing in euros.
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Allen & Overy has hired three partners from Paul Hastings to its leveraged finance practice.
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The Province of Quebec is set to follow its neighbour Ontario into green bond issuance, after hiring banks to run a roadshow for a potential deal in its home currency.
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Companies were able to tighten pricing on euro deals this week, as investors said they expected the corporate market to keep shrugging off the political headline risks in Europe that have prompted widening in some government bonds.
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The syndicated loan market may again be asked to underwrite a potentially record-breaking takeover loan, as Kraft Heinz has begun a pursuit of Unilever, including a large cash offer.
