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GLOBAL CORPORATE TRUST SERVICES
Financial strength. Local expertise. Global reach. |
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2015 Autumn |
| High-Yield Bond Market Activity Breaks Records |
 The end of July 2015 was a record-breaking time in the European high-yield bond market. After weeks of uncertainty and lockout with European companies refraining from issuing new bonds, they were eager to re-enter the market after the Greek bailout deal. According to CreditSights, in the last two weeks of July, more than €10 billion was issued between euros, dollars, and sterling bonds—more than the total issuance in the months of May and June combined.
The recent flood of activity allowed a large backlog of deals to be cleared. Sixteen issuers completed deals with tighter pricing than expected, with half of them driven by acquisition funding or refinancing. On two transactions from private equity firm, Cinven, U.S. Bank was appointed in all Trustee and Agency roles. The two bonds were issued to finance acquisitions of Labco and Synlab, totaling almost €1.1 billion and making it the largest acquisition related deal in July.
“While market demand has ebbed and flowed, we at U.S. Bank have remained steadfast in our commitment to the high-yield bond market,” said Michael Whelan, senior vice president, Global Corporate Trust Services, Europe. “We remain focused on the evolving needs of our partners, and have continued to position ourselves to provide guidance and support at any time.”
There has been a notable increase in European merger and acquisition activity this year with almost €600 billion in deal volume in the first six months of the year. Acquisitions have been driven by the trend of corporate consolidation in increasingly competitive markets.
U.S. Bank continues to provide assistance as our partners evaluate opportunities in the high-yield market. Supporting corporations in issuance activities is at the core of our service offering, and a cornerstone of our business model. We are dedicated to serving as a trustee and agency partner who can mobilise our resources to meet tight deadlines. With a dedicated relationship manager for each transaction and knowledgeable operational staff, our team has experience working on highly complex transactions, and will assist you along every step of your deal.
To learn more about our high-yield bond market services, please contact Emma Hamley, vice president, Business Development, at emma.hamley@usbank.com. |
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usbank.com/corporatetrust
U.S. Bank Global Corporate Trust Services is a trading name of Elavon Financial Services Limited (a U.S. Bancorp group company), registered in Ireland with the Companies Registration Office, Reg. No. 418442. The liability of the member is limited. Registered Office located at Block E, First Floor, Cherrywood Business Park, Loughlinstown, Co. Dublin, Ireland. United Kingdom branch registered in England and Wales under the number BR009373. U.S. Bank Global Corporate Trust Services acts through the United Kingdom branch from its office located at 125 Old Broad Street, Fifth Floor, London, EC2N 1AR. Authorised by the Central Bank of Ireland. Regulated for conduct of business in the UK on a limited basis by the Financial Services Authority.
U.S. Bank is not affiliated with the entities or organizations mentioned.
U.S. Bank Global Corporate Trust Services · 125 Old Broad Street, Fifth Floor · London, EC2N 1AR
© 2015 U.S. Bank, National Association, Member FDIC. All rights reserved.
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