Wells Fargo Securities
-
Big acquisition financing trades graced the dollar market ahead of the Thanksgiving holiday while Medtronic rounded off investor calls ahead of an anticipated $10bn M&A trade expected to come next week. All told, November has been the busiest month for US high grade supply — $87bn —since September 2013.
-
High-grade issuers swamped the dollar market in the early part of the week trying to get in before Alibaba’s debut $8bn offering on Thursday while expecting a deluge of M&A related financings.
-
Heavyweight borrowers Citigroup and Westpac Banking Corp printed deals tailored to capture investor preference for short-dated paper in the US market this week.
-
Belden, the US cable maker, has tapped its 2023 bond for €200m, triggering a one notch downgrade by Moody's to Ba2 — but investors shrugged off the change.
-
On Friday Nestlé extended by a year €5bn five year revolving credit facility it had signed in October 2013. The Swiss foods producer also replaced a €5bn-equivalent short term facility with a new facility of €6bn. -
Great Portland Estates (GPE) has signed a £450m revolving credit facility with a group of seven relationship banks to refinance two loans.
-
Fresenius Medical Care priced its $900m senior unsecured high yield issue in the 144A market on Friday October 24.
-
Three issuers, two of them US banks fresh from earnings releases, announced deals to a buoyant euro denominated senior unsecured market on Wednesday.
-
So far this year, European investment grade bonds have ridden out any patches of volatility relatively unscathed, but last week’s turbulence in US Treasuries, equities and high yield bonds could have an impact on corporate issuance, especially of hybrid capital.
-
High grade borrowers were thin on the ground in the US market this week as volatility roiled equities and earnings blackouts loomed large.
-
The expected wave of merger and acquisition financings broke on the US corporate bond market this week, as Roche and Sysco made triumphant returns while Suntory Holdings issued its first US bond.
-
UK equipment hire company Speedy Hire has signed a £180m asset-backed revolving credit facility, to replace a £220m facility signed three years ago and due to mature in August 2015. The margins and fees on the facility have been reduced across the board.
