Wells Fargo Securities
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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. -
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.
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Hyundai Capital America raised $800m from a dual-tranche issuance on Wednesday, the same day that chemical giant China National Chemical Corp walked away with more than $6bn from the market.
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Fresh doubt has been cast on whether the record-breaking $100bn loan package for US chip maker Broadcom will come to fruition, after a US national security committee took the unusual step of issuing a public warning against the acquisition that the funds will finance.
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The low rates in Europe are making the euro high yield market an attractive option for US issuers like Belden, a St Louis-based manufacturer of telecoms equipment, which is launching a new euro bond to buy back old deals in euros and dollars. More US issuers are coming to euros, say bankers and investors.
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The new issue US dollar bond market roared back to life as volatility dropped and corporates took advantage of favourable conditions with $17bn of supply coming from 19 borrowers.
