Wells Fargo Securities
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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.
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Fresenius Medical Care priced its $900m senior unsecured high yield issue in the 144A market on Friday October 24.
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Three issuers, two of them US banks fresh from earnings releases, announced deals to a buoyant euro denominated senior unsecured market on Wednesday.
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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.
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High grade borrowers were thin on the ground in the US market this week as volatility roiled equities and earnings blackouts loomed large.
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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.
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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.
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The US FIG market returned to normality after the deluge of the previous week’s supply subsided.
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The subordinated debt market for European financials was back in full swing with four deals out on Monday morning boosted by the European Central Bank's policy decisions made last week.
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British cigarette maker Imperial Tobacco has secured financing for its $7.1bn acquisition of brands from Reynolds American, and refinanced its existing revolving credit facilities.
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UBS and Wells Fargo were rewarded for taking to a supply hungry Australian dollar market this week. Both issuers — particularly UBS — are rare names in the currency which, combined with strong name recognition among domestic investors, propelled their trades to success.
