United States
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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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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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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.
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Novartis made its first trip to the dollar market since 2015 as it took home $3bn this week amid a clamour for high grade paper and an increasing likelihood of a Federal Reserve interest rate rise coming as early as next month.
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A trio of Wall Street titans topped up their funding needs this week, taking advantage of favourable funding conditions as they continued their run of issuance to meet upcoming capital requirements.
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Investment houses BlueBay in London and Brandywine in Philadelphia have joined this week a recent spate of high yield portfolio managers growing new funds beyond a specific regional focus.
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The corporate bond market started the week on the front foot with a triple tranche reverse Yankee from US pharmaceuticals company McKesson that is expected to pave the way for similar issuance.
