...Corporate Credit Themes: International Markets Issuance Remains Strong: European high-yield (EHY) issuance from developed markets has continued rallying in 2014 after growing rapidly in 2013. New issuance reached a record high of EUR61.1bn in the first half of 2014, driven by an underlying long-term economic recovery across Europe. Latin American corporates issued $49 billion of cross-border debt in the first six months of 2014 (1H14), with Brazilian corporates leading issuance at $22 billion. China continues to dominate as the major corporate international issuer in Asia, with record issuance levels in both 1H14 (USD39.0bn) and 2Q14 (USD30.2bn). Sector Spotlight: U.S. Food, Beverage, Restaurant and Consumer Products Protein Firms Flex Muscle in Food Fight for Hillshire: The bidding war for The Hillshire Brands Co. was a pivotal event for the U.S. food industry. Following its May 2014 definitive agreement to acquire Pinnacle Foods, Inc. for $6.6 billion including net debt, Hillshire received...
