Wells Fargo Securities
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Soaring demand and tight spreads lured repeat borrowers as summer dollar bond supply soared with $34bn of new issuance crammed into four days. -
Supermarket Income REIT, a UK grocery property investment company, has signed a £60m revolving credit facility, as sterling loans see a bump in demand.
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The hangover from the record breaking first half of the year in US high grade bonds continued to weigh on the primary calendar with just three borrowers taking home $1.85bn this week.
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Just two benchmark issuers — Mars and Hewlett-Packard Enterprises — came to the US corporate bond market this week, as earnings season pushed corporate America into blackout. But after a short lull, bankers expect a spike in issuance as companies try to fund before the US election.
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US corporate bond issuers got straight back to business after the July 4 weekend as 11 borrowers raised $10.8bn, though the volume of issuance is tapering off as companies head into earnings blackouts.
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Jamie Niven has joined Wells Fargo as head of equities for Europe, the Middle East and Africa.
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Yankee banks ensured a record-breaking first half ended on a high, as European lenders took advantage of strong demand for tier two paper.
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Weir Group, the UK engineering company, has signed bank lines totalling $1.19bn, but amid coronavirus-related market volatility, banks required a higher margin than on the deal being refinanced.
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DirectBooks, which plans to bring a new issuance platform for bond markets, has not ruled out the possibility of a partnership with other providers.
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The Federal Reserve has come under fire for failing to oblige banks to stop paying dividends at a time of extreme economic uncertainty. The results of its latest stress test showed this week that a quarter of US banks could approach their minimum capital ratios if the coronavirus pandemic leads to a double-dip recession.
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The Inter-American Development Bank has bumped up its 2020 funding programme by almost a quarter to fund its response to the coronavirus pandemic.
