United States
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BlackRock has received the very first RMB qualified foreign institutional investor (RQFII) quota under the US allocation from the State Administration of Foreign Exchange, in yet another sign that global asset managers are ready to boost their China investments. -
US car rental company Avis Budget Group called in on European investors on Wednesday with a refinancing that extended a busy pipeline of reverse Yankee high yield deals in euros.
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CLSA has shuttered its domestic equity research business in the US, resulting in the loss of some 90 jobs in research, sales and trading and corporate access.
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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.
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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.
