Barclays

Greece and Ireland are set to test the primary bond market this week, returning to one buoyed by a fresh injection of confidence after the European Central Bank expanded its Pndemic Emergency Purchase Programme (Pepp) last week.

ABN Amro and Commerzbank have proven that the additional tier one (AT1) market is wide open for business, after they clocked up more than €17bn of combined demand for their two new deals on Monday.

Guarantor: All Danish municipalities and regions

Barclays was positively surprised at how quickly capital markets reopened and it wasted little time issuing senior and tier two deals while its treasury team were still working from home. The UK lender is likely to use the Bank of England's Term Funding for Small and Medium-sized Enterprises (TFSME) facility, which will lower its secured funding needs. The bank was well capitalised going into the crisis and has buttressed itself against the expected tide of credit impairments with a prudent level of provisioning.

Four public sector borrowers hit the dollar market on Wednesday, including a rare seven year deal from new issuer International Development Association (IDA).

French food company Danone led the pack in a strong day for vanilla corporate bond issuance in Europe, with an €800m deal, as some syndicate bankers say recent borrowers are looking to return to the market soon to take advantage of tightening spreads.

Casino developer Sands China paid no new issue premium for its $1.5bn bond on Tuesday, despite the effects of the Covid-19 pandemic on the gaming industry.

The European Investment Bank raised $5bn with a three year global benchmark on Tuesday, setting the stage for fellow SSA borrowers to tap the dollar market later in the week.

KommuneKredit has announced that it will begin purchases of two of its outstanding dollar bonds due to mature in 2021. At the same time, investors will be offered the chance to purchase new five year bonds.

Chinese real estate developer Sichuan Languang Development Co rushed into the market last Friday with a dollar deal, to avoid any market fallout over the weekend from rising tensions between the US and the Mainland.

Iberdrola attracted robust demand for a €249m tap of its outstanding equity neutral convertible bonds due in 2022.

The UK Debt Management Office has announced the timing and the banks for its upcoming syndication next month, as it continues to plough through its unprecedented borrowing programme.