Pre-migration untagged articles
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Six corporate bonds are expected to price today though with performance at the forefront of their minds, borrowers are being careful to limit the sizes of their deals and so market volumes are not nearly as high as the start of the year. Retail-friendly names such as John Lewis, Heineken and Bacardi are out in the market today, while from the mining sector, BHP Billiton is out with a dual tranche deal of three year. To find out how this and all the deals in the market this week performed, read EuroWeek this Friday.
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JP Morgan is venturing overseas to test European investor appetite for US credits this week. The issuer is in the process of marketing a five year at the holding company level at 350bp area over mid-swaps, which is around 20bp back of cash secondaries. Pricing is expected on Wednesday and to find out if the issuer finds good demand for its deal, read EuroWeek this week.
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Banco Sabadell and Banca Popolare di Milano have announced liability management exercises this week aimed at boosting their core tier one ratios by buying back hybrid tier one debt at deep discounts. They follow other issuers who have adopted this route and the pace is expected to pick up in the coming months.
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When Irish eyes are smiling...and there were certainly some smiling eyes and flushed faces last week at Olana, where market players flocked to partake in a little Irish festivity courtesy of Credit Suisse and Morgan Stanley.
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Citadel Broadcasting received an amendment to buy back its debt below par.
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The following charts show the top five advancers and decliners in terms of % moves in the loan, bond and credit default swap markets for the previous week. Data provided by Markit Group.
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Vicki Bryan, high-yield analyst at Gimme Credit, on Hovnanian Enterprises and the housing industry as a whole.
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The number and range of borrowers selling commercial paper to the Bank of England’s Asset Purchase Facility increased this week and more issuers are preparing to use the facility.
