Wells Fargo Securities
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Peking University Founder Group Co, BOC Aviation and Yuexiu Property Co are meeting investors for their upcoming bond plans, while China National Chemical Corp’s Swiss subsidiary Syngenta is also gearing up for a mega deal. -
General Mills put the investment grade corporate dollar market back on a more positive course this week with a tightly priced trade that paved the way for a rebound in supply.
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High-grade dollar bond supply continued to flow with a flurry of smaller deals this week but bankers see little to cheer about as a disappointing first quarter drew to a close.
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Kuwait’s Burgan Bank has signed a $350m loan with a club of seven relationship banks to refinance borrowing done in 2015.
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UK property company Hammerson has signed a new £1.5bn three year revolving credit facility, bringing in a dozen banks for a financing aimed at slashing the funding costs of its acquisition target, Intu.
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UK property company Hammerson has signed a new £1.5bn three year revolving credit facility, bringing in a dozen banks for a financing aimed at slashing the funding costs of its acquisition target, Intu.
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Funding for leveraged buyouts in the European primary high yield market gained further share of overall issuance this week, as specialty car parts maker LKQ of Chicago sold a €1bn bond for its acquisition of German peer Stahlgruber.
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The going was heavy for dollar borrowers as investors demanded extra concessions amid poor performance as CVS Healthcare’s trade from the previous week appeared to re-price the market.
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UK media company WPP sold a dual tranche bond this week, following its own recent trend for issuing shorter tenors with its most recent euro issues.
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After a reasonable wait, investors are starting to see the more frequent investment grade corporate bond issuers return to the market. On Tuesday, French materials company Saint-Gobain and French telecoms operator Orange sold benchmark deals and UK media company WPP sold a dual-tranche issue.
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The Philippines’ Rizal Commercial Banking Corp (RCBC) found tepid investor demand for its dollar transaction on Thursday, but managed to raise $300m from the bond.
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CVS Health printed the third-biggest bond deal of all time as it funded its $67.5bn acquisition of Aetna. Bankers hope that a revival in M&A activity will provide a shot in the arm for supply.
