United States
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IHS Markit has launched indices that track US dollar, sterling and euro investment grade infrastructure corporate bonds, as well as US dollar high yield infrastructure names. -
Wells Fargo paid its third visit in 12 months to the 10 year part of its euro senior curve this week, attracting strong demand for a deal deemed fairly priced.
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Fosun International-backed insurer Ironshore is looking to raise some $100m via a US listing in a trade to feature only secondary shares, according to a filing with the US Securities and Exchange Commission.
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Teva Pharmaceuticals had the corporate dollar market in its thrall this week as it took advantage of US corporate earnings blackouts to print a $15bn M&A blockbuster that attracted nearly $70bn worth of orders.
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US banks coming out of earnings blackouts provided all the fare in FIG this week, and deals flew to investors who have seen almost no paper since mid-June.
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The first sterling senior unsecured FIG deals to hit the market since the Brexit vote brought in astonishing demand, first for a blockbuster £1bn trade from Wells Fargo, followed by a bond from Bank of America Merrill Lynch that brought total sterling issuance to £1.75bn on the week.
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Credit Suisse is the sole underwriter of a bridge facility for Galenica's $1.53bn acquisition of US biopharmaceuticals firm Relypsa, the acquirer said on Thursday.
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Rating agency Standard & Poor’s said this week that global credit markets are poised either for a "slow burn" of deteriorating market conditions or something even worse: a credit exit, or "Crexit" — where a major economic or political shock triggers a shutdown of global markets altogether.
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Morgan Stanley reported profits of $1.6bn for the second quarter of 2016 compared with $1.8bn in the prior year quarter.
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US packaging firm Coveris is hoping to join a rush of transatlantic issuance, as it marketed a $350m dollar and euro denominated loan over a lender call on Wednesday.
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Persistent dislocations between the CDS and cash bond markets are only likely to continue, because of the increased cost of regulations, limited balance sheet capacity at banks, and relative illiquidity in the cash bond markets, according to a staff report from the New York Federal Reserve.
