Scotiabank
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The new issue US dollar bond market roared back to life as volatility dropped and corporates took advantage of favourable conditions with $17bn of supply coming from 19 borrowers. -
Europe’s syndicated loans bankers say recent transactions highlight how cut-throat the market is for lenders, as the European Commission gets under way with a study on market practices.
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Daimler led three corporate dollar issuers on Thursday as the market stabilised and high grade credits showed their resilience after a stop-start week.
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US chip maker Broadcom has received commitments from 12 lenders for a staggering $100bn funding package to finance its acquisition of technology company Qualcomm.
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Scotiabank looks set to enter the US private placement market, after it hired an experienced banker from National Australia Bank.
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Leveraged loans have dominated leveraged buyout financing in recent months, but high yield bonds could be poised for a comeback, say European investors. Crown Holdings, the US can maker, added to early signs of optimism with its new €1.5bn cross-border bond offering this week, writes Victor Jimenez.
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SSA bankers looking to get their Christmas shopping in early were in a state of shock on Tuesday, as the World Bank brought a dollar deal to follow the Province of New Brunswick’s return to the currency after a six year hiatus. But that could be it for 2017 as issuance is unlikely next week, which is bisected by a Federal Open Market Committee meeting.
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SSA bankers looking to get their Christmas shopping in early were in a slight state of shock on Tuesday, as World Bank lined up a dollar deal to follow a Canadian province’s return to the currency after a six year hiatus.
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Cemex, Thomas Cook, Telenet and Lowen Play injected €1.7bn of bond offerings into a visible high yield issuance pipeline already populated with Pinewood and CeramTec this week.
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Public sector borrowers have crammed more dollar deals into Tuesday than are sometimes seen in a week. But far from suffering from too much choice, investors gobbled up everything on offer — and bankers expect them to do just the same for two deals on Wednesday’s menu.
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Rentenbank will tap a resurgent long end dollar market on Tuesday, alongside a rare appearance in the currency from the Canadian sovereign in fives and a French agency in threes. This is only the second time in nearly two and a half years that issuers have peppered the whole of the dollar curve on the same day.
