Barclays
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Public sector borrowers found themselves in a tricky position as they returned to the primary euro market this week as they attempted to strike a balance between current secondary levels and where the market is heading with the arrival of the European Union’s giant borrowing programme from September.
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European banks spied further opportunities in the dollar market this week, even as many in the sector turned their attentions back to their home currency. -
Aveva, the UK software company, is buying US industrial software firm OSIsoft for an enterprise value of $5bn, with billions of dollars in bridge financing in place as the acquisitive company prepares a chunky equity raise.
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The primary euro public sector bond market continued its busy week on Thursday with KfW and KommuneKredit issuing new 10 and 20 year deals, respectively.
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After KfW mandated banks on Wednesday to join the 10 year euro flurry, the question on the minds of market participants is at what level the Germany agency will choose to start at with such a wide differential between relative and fair value.
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US insurance company Athene Holding this week sold its second funding agreement-backed security (Fabs) in euros, just a couple of months after making its debut in the currency.
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Investors piled into European corporate hybrids again on Tuesday, with Belgian chemical firm Solvay and Austrian oil company OMV out with well received trades.
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The European Investment Bank re-opened the primary euro public sector bond market with a decent outing in the 10 year part of the curve on Tuesday. Finland is next up, hitting screens for a deal of the same tenor expected on Wednesday.
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The European Investment Bank will re-open the euro public sector bond new issue market for the last funding period of the year. Further issuers are expected to appear this week, trying to get in before the European Union’s giant borrowing programme begins.
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Barclays has hired Manuel Esteve from JP Morgan to lead its continental European equity capital markets business.
