Wells Fargo Securities

US chicken processor Pilgrim’s Pride Corp plans to fund its £1bn buyout of UK peer Moy Park with cash in hand, an extension of its term loans, and a new debt issue to repay a JBS subordinated note.

A full €2.3bn of bond offerings from seven borrowers hit screens on Monday in the European high yield bond market, following last week's more than €3bn of new bonds despite fund inflows turning negative.

The dollar high grade bond market returned to barnstorming form this week following the summer break with a Who’s Who of corporate America tapping the market.

The European high yield bond market returned from its summer break to €3bn of new bond offerings this week, including notes from Delaware’s Kronos International and California’s Equinix.

Two more borrowers added on Tuesday to the almost €3bn of new high yield bonds already being marketed in Europe this week. But just as the market is set to surpass last year's volumes, investors have started to voice concern over low coupon levels.

The European high yield bond market returned from its summer break to €2.8bn of new bond offerings this week, including a sub-benchmark sized note from Delaware’s Kronos International on Monday.

BDO Unibank set a new record on Wednesday with a $700m bond, the largest dollar deal ever from a bank in the Philippines and a rare transaction from the island nation this year. Although few expect a rush of Philippine credits in the dollar market as a result, there is some hope next year will set a new pace. Morgan Davis reports.

The Philippines’ BDO Unibank is back in the dollar debt market less than a year after its last transaction, marking just the second offshore deal from the island nation this year.

BDO Unibank has mandated firms for a proposed dollar bond, marking a rare international debt offering from the Philippines this year.

Amazon dominated US corporate bond issuance this week, but aside from the online retailer’s $16bn jumbo deal, there was over $8bn of paper from five other issuers. However, bankers believe this will be the last week of material supply before the annual two week break in the US market.

Global systemically important banks (G-SIBs) in the US will still have to issue billions of dollars of new bonds in 2017 to meet their regulatory requirements for long-term and loss-absorbing debt, potentially leading to a busy four months for primary market activity.

The US investment grade corporate bond enjoyed a huge week of issuance as nine borrowers printed deals on Monday before British American Tobacco delivered $17.25bn on its own on Tuesday and plenty more came on Wednesday and Thursday. Bankers predict another heavy week to follow before supply slows for the traditional summer break.