Barclays
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Singaporean sovereign wealth fund Temasek made a successful return to the dollar bond market on Tuesday, raising $2.75bn from 10 year, 30.5 year and 50 year bonds. -
The UK’s InterContinental Hotels and Italian airport Società Esercizi Aeroportuali have mandated for bond issues, giving investors another attempt to pick up some potentially higher yielding debt than has been on offer recently.
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Investment grade companies are filtering into the euro bond market in the run-up to the last quarter of the year, including Informa, the UK publishing and exhibition company, which wants to swap its private placements for public bonds.
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Asian Development Bank and the Province of Ontario hit the dollar market on Tuesday, with both issuers tapping the tricky 10 year part of the curve ahead of the start of public holidays in Asia this week which will put a pause on issuance in the currency.
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Svenska Handelsbanken found tight pricing for a dual offering of additional tier one (AT1) notes on Tuesday. It became the first European bank to set a dollar AT1 coupon of less than 4.5% for one of its tranches.
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Experian Finance, a credit scoring company, was out in the sterling bond market on Monday as a slew of euro corporate bond mandates hit screens. But the flurry is unlikely to lift a lacklustre September and a final quarter issuance window stymied by the US election means that analysts expect euro debt volumes to be almost flat on 2019.
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Caesars Entertainment, the US casino operator, is in advanced talks to buy UK gambling company William Hill for £2.9bn in cash. The deal will be financed with an equity raising by Caesars of about $1.7bn and a new $2bn non-recourse loan, secured on William Hill's non-US assets. It may be the start of a cascade of M&A.
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The Kingdom of Morocco raised a €1bn bond on Thursday, which was priced wider than some analysts' fair value estimates. Market conditions, bankers said, are deteriorating ahead of expected volatility in coming months.
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The Asian Infrastructure Investment Bank and the New Development Bank, two relatively new supranational borrowers with a focus on the emerging markets, made a big splash in dollars this week as they continue to build out their curves. The issuers managed to achieve strong results despite facing worse volatility than expected as markets soured amid rising fears over the coronavirus pandemic.
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Ontario Teachers’ Finance Trust made a convincing statement as it hit the dollar bond market on Thursday with new three and 10 year notes that were tightly priced and had record order books.
