Wells Fargo Securities
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Banks bombarded the dollar market this week with a rich variety of trades in what promises to be a busy run-in to the end of the year with investors still in the hunt for primary deals. -
Volkswagen led the dollar primary bond market this week as borrowers jumped into a crowded field to find funding ahead of the Thanksgiving holidays.
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US banks have fared well in the Financial Stability Board’s latest assessment of firms' systemic importance, with JP Morgan no longer standing out as the riskiest bank in the world.
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US fast food chain Chick-fil-A has issued a $1.7bn US private placement, according to market sources, in what is widely regarded as one of the tightest deals sold since the outbreak of coronavirus. Arrangers in London are looking for similar companies in Europe that could be tempted to issue.
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Bunzl, the distribution and services company, topped off a strong few days by printing a £400m from bulging order books a week after announcing growth in its third quarter trading statement.
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The world’s biggest banks sat out the primary bond market in dollars this week, dashing hopes of a pre-election funding blitz.
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Companies continued to find willing buyers in the US bond market this week, even as equity markets seesawed over the prospects of further economic stimulus.
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The European Bank for Reconstruction and Development ventured out to raise its largest ever bond linked to the secured overnight financing rate (Sofr) this week in what otherwise a thin week for issuance in dollars.
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A record month for US mergers and acquisitions will fail to boost the dollar corporate bond market, as bankers predict a sharp slowdown in activity in the fourth quarter.
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InterContinental Hotels (IHG), the UK hotel group, sold sterling and euro debt on Thursday without paying a concession, as market technicals and the potential for a substantial coupon increase proved enough to sweep away investors’ concerns about the sector.
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The UK’s InterContinental Hotels and Italian airport Società Esercizi Aeroportuali have mandated for bond issues, giving investors another attempt to pick up some potentially higher yielding debt than has been on offer recently.
