CREDIT DAYBOOK AMERICAS: Refinancings Drive Firms’ Fundraising

Companies continue to tap US debt capital markets, with lowered borrowing costs prompting some to refinance debt.

• Monday’s biggest high-grade deals, from Broadcom and Dell, were at least in part to pay off prior borrowings
  • In leveraged finance, all seven of the session’s $4.4 billion of junk-bond sales were for refinancing and eight of the 11 US leveraged-loan launches were to reprice existing loans
• A number of firms are lining up in the investment-grade market to issue notes, though the Rosh Shahanah holiday could crimp activity Tuesday
  • At least seven companies held fixed-income investor calls on Monday, ranging from Lowe’s ...