Wells Fargo Securities
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Volkswagen printed the biggest trade in its history as high-grade corporate borrowers blitzed the dollar market in response to the results of the US mid-term elections. -
Barito Pacific and Bank Rakyat Indonesia have returned to the international loan market for new fundraisings.
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Bank Rakyat Indonesia has mandated 13 banks for a $700m multi-tranche borrowing, breaking a three-year absence from the loan syndications market.
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The UK’s Ithaca Energy has signed $700m of loans, five months after pulling out of a high yield bond deal.
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Conagra Brands became the biggest high-grade casualty of market volatility when it pulled a multi-billion M&A financing on Thursday.
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Comcast got October off to a flyer after high-grade corporate dollar issuance slumped to its weakest level for four years in third quarter. However, aside from Comcast there were slim pickings in the high-grade market this week.
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Comcast wowed the dollar market with the fourth biggest corporate bond of all time as investors jumped in to produce a bulging order book against a strong technical backdrop.
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American real estate investment trust (REIT) WP Carey paid a significant premium when it sold its second euro deal of 2018 on Tuesday. Despite the lack of reverse Yankee issuance this year, investors needed some persuading to buy the 7.5 year deal.
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Comcast won the bidding war for Sky over the weekend, with the US cable company mobilising £28.79bn-equivalent of loan funding to buy the UK media firm.
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Nestle, Électrcité de France and BP have led a stampede to the dollar market ahead of an expected rate hike by the Federal Reserve next week, as credit markets shrugged off trade wars between the US and China.
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New York seemed set to avoid Hurricane Florence but US investors whipped up a storm of their own as they poured cash into a succession of big ticket deals from blue-chip domestic and Yankee names.
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Cable company Comcast has given Sky shareholders longer to respond to its debt funded acquisition offer, after a negligible acceptance rate at the original deadline.
