Barclays

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.

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.

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.

The Bank of England threatened to use its ‘supervisory powers’ on UK banks if they did not agree to suspend dividend distributions this year and stop paying cash bonuses to staff. The instructions do not apply to the equity-like CCDS instruments issued by building societies.

The dollar market had looked sluggish, particularly in comparison to the volumes churned out in euros, but Tuesday's $4.5bn two year from Asian Development Bank indicates the market is back in working order.

Carnival Cruises, the world’s largest leisure travel company, is rolling the dice on a coronavirus rescue package, launching a $1.25bn underwritten rights issue, $1.75bn convertible bond, and a $3bn dual currency high yield bond.

Portugal will be hoping to mirror the success of Belgium after the latter smashed records in the public sector bond market on Tuesday with the biggest ever order book for an SSA borrower in euros. Both Portugal and Belgium have announced an anticipated increase to their 2020 funding programmes as result of the Covid-19 crisis.

CPPIB Capital hit the euro market on Monday, becoming the first SSA borrower not eligible for QE to access the market since the coronavirus outbreak shuttered the market. A fellow Canadian is set to follow suit.

Belgium has picked banks for a seven year benchmark, publishing the mandate just after joining the throng of sovereigns upping their funding requirements. Norway has also raised the size of its borrowing programme.

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Kunal Gandhi, who left Barclays last year, has joined Fenchurch Advisory Partners.

Bank of America reopened the market for financial institution bonds in euros this week and was followed by a slew of other deals as investors welcomed wider spreads and new issue concessions.