Wells Fargo Securities
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The total issuance of investment grade corporate bonds in February was an underwhelming €14.8bn but the property sector has outshone all others in 2018 and this week was no different as investors had further diversification to consider.
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Six of the nine investment grade corporate new issues in the last week of February were announced with a three letter acronym that, while providing clarity, served to frustrate investors keen to see greater volumes of issuance. WNG stands for “will not grow” and this week told investors that the meagre sized deals would not be increased, irrespective of demand.
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Europe’s syndicated loans bankers say recent transactions highlight how cut-throat the market is for lenders, as the European Commission gets under way with a study on market practices.
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Before 2017, US crowd services provider Equinix had not issued a bond in euros. But it has now visited the European high yield market three times, having completed its latest deal on Wednesday.
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Five new investment grade corporate bond deals were priced on Tuesday and, while pricing was competitive, none of the issuers allowed for any growth in the size of the deals as all five used a no-grow strategy.
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US chip maker Broadcom has received commitments from 12 lenders for a staggering $100bn funding package to finance its acquisition of technology company Qualcomm.
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The US high grade bond market remained open for business through the market sell-off this week, underlining its resilience.
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US high-grade corporates began to emerge from earnings blackout but few are predicting the usual flood of bond issuance as fears over rising inflation and the impact of tax reform could keep borrowers on the sidelines.
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Wells Fargo has hired a banker from Lloyds Bank to work on UK real money fixed income sales.
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Wall Street’s biggest banks hit the dollar bond market with multi-billion offerings after reporting fourth quarter earnings this week, and supply-starved investors piled into the new deals.
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Leveraged loans have dominated leveraged buyout financing in recent months, but high yield bonds could be poised for a comeback, say European investors. Crown Holdings, the US can maker, added to early signs of optimism with its new €1.5bn cross-border bond offering this week, writes Victor Jimenez.
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The dollar market picked up where it left off in 2017 with tight pricing and bulging order books as borrowers hit the ground running.