Barclays
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The corporate bond market made a blazing start to Monday with deals for Repsol, Naturgy and LafargeHolcim on screens, as issuers cram what they can into a shortened week. -
A pair of sovereigns hit the MTN market to raise debt this week, looking for cash to meet increased borrowing requirements as they grapple with the coronavirus pandemic. Israel came to the MTN market this week printing paper to helpfund its Covid-19 response, while Ireland ventured out to the ultra-long end of the curve to print its fourth century bond.
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Investment banking revenue in March was lower than normal as the coronavirus pandemic sapped risk appetite — but it was far from a total wipeout.
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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.
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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.
