Barclays

REC became the first Indian issuer in two months to hit the international bond market, raising $500m on Tuesday. While the deal was a success, it also shed some light on the restrictions and challenges being faced by the country’s issuers amid the Covid-19 pandemic.

Public sector borrowers found plenty of demand as they hit the market with dollar deals across the curve on Tuesday. With robust demand and a favourable basis swap for euro funders, more issuers have lined up deals in the currency to follow.

Harley-Davidson, the US motorbike maker, has opened books on a three year euro bond at a nosebleed-inducing wide spread. Bankers suggest the company had little choice but to accept to pay a sky high margin.

Fater Belbachir is joining Citi as head of equities, a year after taking on the same position at Barclays. The US bank is changing the leadership structure of its equities and securities services business (ESS).

Eni saw chunky demand for the first Italian corporate bond sold since the coronavirus pandemic hit markets in March, but it had to pay up over its curve compered to oil industry peers from outside Italy.

Five public sector borrowers are marketing dollar bonds across the curve kicking off what it is expected to be a busy week in the currency.

Eni, the oil and gas company, became the first Italian corporate to open books on a syndicated bond since the coronavirus pandemic sent markets went haywire in March, as syndicate bankers say issuance levels will ramp up sharply in the coming days.

The Bank of England said on Thursday that it would be changing the way it looks at Pillar 2 capital targets, giving UK lenders more room to breathe during the coronavirus pandemic.

Royal Bank of Scotland has become the first European bank to issue subordinated debt in more than two months. It took advantage of strong demand in the sterling market this week, with investors confident that the UK lender will be well placed to withstand the economic impact of the coronavirus pandemic.

Qatar National Bank issued its third bond of the year on Tuesday, pulling in $3.5bn of orders by the time it released guidance for a five year deal that affirmed the market access for the top tier names in emerging markets.

GlaxoSmithKline, the UK pharmaceutical company, launched a three tranche bond issue on Monday. Its sterling curve was trading so flat that it started with the same spread on the long eight and 15 year tranches.

The UK Municipal Bonds Agency has announced the two first councils that will take part in its pooled issuance scheme, although the bonds themselves may well not be issued before the summer.