Wells Fargo Securities
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LondonMetric, a UK real estate investment trust, has signed a £400m credit facility with five banks, refinancing five facilities. -
Wells Fargo has finally received approval to use the “advanced approaches” to calculating its capital requirements, which will make its capital ratio look worse in the short term. But the move will bring the world’s largest bank by market cap into line with most other internationally active banks.
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Esterline Technologies Corp on Monday announced it would offer €330m of senior unsecured bonds, the fifth high yield issue in euros from a US company in March.
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Korea’s Woori Bank (WB) is due to sign a $500m multi tranche financing this week. The self arranged club loan is paying banks razor thin margins.
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Berkshire Hathaway, the investment company controlled by Warren Buffett, became the latest US company to come to the euro bond market when it priced a €3bn three tranche deal on Thursday.
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Abu Dhabi Commercial Bank has tightened price guidance for its five year bond to 100bp area over swap from 105bp area.
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US corporate new issues have plunged to multi year lows as issuers shrug off strong demand due to the cost of carry. Even Thursday’s confirmation of European Central Bank quantitative easing, which opened the floodgates for FIG issuers, could not move corporate borrowers off the sidelines.
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Wells Fargo finished 2014 slightly up on 2013 with a pre-tax pre-provision profit of $35.3bn, up 1% for the full year. But its wholesale banking unit, which includes its capital markets arm, reported net income of $1.97bn, down $141m, or 7% compared to the fourth quarter of 2013.
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The US market slowed down after the previous week’s blockbuster but a handful of smaller trades were sufficient to take December's haul to a record. Four corporate trades worth $2.8bn pushed issuance to $43bn, making it the busiest December ever.
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Medtronic grabbed the record for the biggest high grade corporate bond issue of 2014 this week, as investors returned from their Thanksgiving breaks keen to put cash to work in one of the busiest weeks of the year.
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Albemarle, the US speciality chemicals company, priced a €700m ($867.32m) seven year bond on Monday to finance its acquisition of Rockwood Holding, another US company. It is the latest in a spate of US corporate issues in euros, but Albemarle paid a high premium for its debut in the currency.
