Wells Fargo Securities
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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. -
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.
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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).
