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Friday, 22 March 2019

William Hoffman' s stories

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  • EU US flags

    Yankee banks prepare for callable AT1s

    Ticker | 21 March 2019

    Three European banks seized on strong market conditions to sell Additional Tier 1 bonds this week in the US dollar market, looking to refinance securities sold a few years back and now coming up for their first call dates.

  • Toronto-Dominion Bank (TD) sign

    MOVES-TD Bank hires new head of US syndicate from MUFG

    Ticker | 20 March 2019

    TD Securities hired Jiyann Daemi as its new director of US syndicate and debt capital markets effective Wednesday, according to an internal memo seen by IFR.

  • Bayer logo

    Jury's ruling against Bayer sends bonds wide

    Ticker | 20 March 2019

    Bayer bonds broke wide Wednesday after a jury determined on Tuesday that the company’s popular outdoor weedkiller brand Roundup was a “substantial factor” in one customer’s cancer diagnosis.

  • Nordea

    Nordea seizes strong market to sell AT1 bond

    Ticker | 19 March 2019

    Nordea Bank saw US$4.75bn of investor demand on Tuesday for an Additional Tier 1 bond, the latest such security from a European bank to hit the US dollar market in the past few weeks.

  • Kraft Heinz products

    S&P may downgrade Kraft Heinz after missed SEC deadline

    Ticker | 19 March 2019

    S&P warned on Monday it may cut its BBB rating on Kraft Heinz after the packaged foods maker missed an extended deadline to file its annual report with the US Securities and Exchange Commission.

  • Sharp credit rally provides relief but can it last?

    Sharp credit rally provides relief but can it last?

    Top News | 15 March 2019

    Corporate bonds have rebounded strongly in their best start to a year since 2012, a welcome boon for investors and bank trading desks that nursed hefty losses during a dismal end to 2018, while also providing the perfect backdrop for borrowers. But such has been the rally that investors and bankers are increasingly nervous that it has gone too far and may now reverse.

  • Pharmaceuticals

    Pharma bonds move wider on proposed regulation

    Ticker | 15 March 2019

    Pharmacy benefit managers (PBMs), which administer employer and government-sponsored prescription drug plans, are facing compliance headwinds this month that pushed bonds wider.

  • Investors now fret over tighter corporate spreads

    Investors now fret over tighter corporate spreads

    Ticker | 14 March 2019

    The rally in the investment-grade market this year has retraced last year’s late correction in a boon for corporates seeking cheap funding, but many investors now say spreads have gone too tight and are not pricing in enough risk.

  • Citigroup

    Citigroup ends dollar holdco bond drought after upgrade

    Ticker | 14 March 2019

    Citigroup finally made the move to sell its first US dollar holdco bond deal of the year on Wednesday, following in the wake of a recent upgrade from Moody’s.

  • A CVS pharmacy

    CVS bonds creep wider on deleveraging concerns

    Ticker | 13 March 2019

    Despite the recent high-grade spread rally, CVS Health bonds have slowly and steadily moved wider after a lacklustre earnings report raised concerns over the debt-laden company’s profits and is ability to deleverage.

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