Wells Fargo Securities
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Türk Ekonomi Bankasi (TEB) and Vakifbank have adopted margin ratchets in their latest loans as a swathe of Turkish banks face ratings downgrades.
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Five banks raised more than $10bn in the senior unsecured dollar market this week, exploiting strong demand and at spreads that were in line with where covered bonds would have priced.
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Turk Ekonomi Bankasi (TEB) has signed a $567m loan, led by seven bookrunners, which includes the same margin ratchet as other Turkish banks Akbank and Vakifbank. -
Coca-Cola came for euros on Tuesday with a 20 year bond that was priced aggressively, as a slug of borrowers took aim at the market.
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Human resources company Randstad will draw down on its existing credit facilities to fund its acquisition of Monster Worldwide, a recruitment service connecting employers and potential employees. The $429m merger could mark the end of a highly acquisitive period for the Dutch group, as the company vowed to limit further M&A spending.
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Microsoft kicked off a front-loaded week of corporate issuance in the dollar market weighted as borrowers emerged from earnings blackout and rushed to print ahead of non-farm payrolls on Friday.
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Vitec, the UK supplier of equipment to the broadcasting and photography industries, has refinanced its £125m credit facility, replacing one bank in the syndicate.
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Auto-parts business Adient on Thursday started pricing a $2bn cross-border bond, attracting high demand for a deal that could be the last high yield offering before the European market breaks for the summer.
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Johnson Control’s automotive business, Adient, on Monday began a roadshow for $2bn-equivalent of high yield notes, with a 17 strong group of bookrunners.
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Investors seem hungrier than ever for bank bonds, despite the approach of summer holiday season. Many are tipping financial issuers to keep syndicate desks occupied throughout August, writes Tyler Davies.
