Barclays
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High grade companies poured into the bond market this week as participants weigh up whether this is a redux of 2009’s record year or if the unprecedented central bank spending and high bank liquidity mean that this is a unique market where borrowers raise cash even if they do not really need it. -
Mizuho Bank said it had hired former Lloyds banker John Feeney as head of its European corporate finance department, responsible for growing European corporate banking.
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Mandates are rolling in for high grade corporate issuers, as syndicate bankers disagree about whether the blistering pace of the market can last.
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Oil firms burst into the corporate bond market on Thursday with BP, Royal Dutch Shell and OMV opening books on multi-tranche trades, as comments from US president Donald Trump sent oil prices rocketing.
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Dyson has become the first UK company to sell private placements in the past month, as the coronavirus complicates primary issuance and the market instead focuses on amendments to existing deals. Sources said the UK manufacturer succeeded because it was realistic over the price it would have to pay.
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The power of central bank buying and fund redemptions are evident this week in the European investment grade corporate bond market, where issuers have been squeezed into a narrow range of maturities as they search for cash.
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L-Bank mandated banks on Wednesday for a second attempt at a two year dollar benchmark after it had to pull a deal in the same currency and maturity two weeks ago following a lack of demand. This time, it has opted for a more conventional approach of a traditional syndication and will follow a string of well received trades in the short end of the dollar curve.
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Extraordinary times call for extraordinary capital markets activity. The North American corporate bond market funded a staggering record $194bn of investment grade issues in March while Europe has also been busy — shaking up the league tables and yielding a surprise windfall for the very largest investment banks.
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Spain’s Red Eléctrica Corporación has hired banks to run a series of fixed income investor calls for a debut five year senior unsecured deal, in the first European corporate roadshow since stringent social distancing measures were implemented across the continent.
