Wells Fargo Securities
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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. -
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.
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Wells Fargo paid its third visit in 12 months to the 10 year part of its euro senior curve this week, attracting strong demand for a deal deemed fairly priced.
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US banks coming out of earnings blackouts provided all the fare in FIG this week, and deals flew to investors who have seen almost no paper since mid-June.
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The first sterling senior unsecured FIG deals to hit the market since the Brexit vote brought in astonishing demand, first for a blockbuster £1bn trade from Wells Fargo, followed by a bond from Bank of America Merrill Lynch that brought total sterling issuance to £1.75bn on the week.
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Wells Fargo (A/A2/A-) offered two Australian dollar deals to the market this week, totalling A$1.65bn ($1.24bn).
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US banks seemed to have been saved by the Brexit. Though profits fell at a handful, nearly all of the big hitters that have reported so far have beaten analyst expectations, thanks in large part to boosts in trading following the UK vote to leave the EU. That has spurred primary activity.
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The sterling denominated FIG market awakened on Tuesday with news of the first deals since the UK’s vote to leave the EU on June 23.
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The Michael Bloomberg-led working group is seeking to establish a RMB clearing hub in the US. Michael Knorr, head of payments and liquidity risk management at Wells Fargo, and a member of the group’s operating model options subcommittee, gave GlobalRMB his views on the challenges ahead.
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Swedish car safety specialist Autoliv has refinanced a $1.1bn revolving credit facility, with two banks leaving and two joining the syndicate. Deals in the region have seen rival lenders increase their share of bookrunning volumes this year.
