Barclays
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Intesa Sanpaolo chose to split an additional tier one (AT1) deal into two tranches on Thursday, with one eye on the secondary performance of the bonds and the other on the maturity profile of its debt capital stock. -
Chinese corporations bombarded investors with new bond options on Wednesday, allowing three issuers to raise $625m between then. Hong Kong-based asset manager ESR Cayman joined the fray in Singapore, grabbing S$225m ($161.55m).
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A pair of SSA borrowers hit screens on Wednesday for green euro benchmarks. However, one has decided that its marketing process will be entirely conducted over the phone.
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The European Bank for Reconstruction and Development took a huge order book for its Sonia-linked floating rate note on Wednesday, which introduced a new coupon calculation methodology for the sterling risk free rate. But market participants away from the deal said the demand did not reflect broad approval of the new format among investors.
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ING Groep postponed the sale of an additional tier one after clocking up $11bn of demand in the dollar market on Wednesday. At the same time, Arion Bank was looking to launch a $100m deal in the same format — the lowest volume on record in dollars.
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The European Bank for Reconstruction and Development will be introducing a new coupon calculation methodology for Sonia-linked floating rate notes with its deal on Wednesday. The trade will use the structure that it pioneered for its Sofr debut last summer. The leads say this new format will be helpful should Sonia move towards a single index, like Sofr will in March. But some bankers away from the deal are unconvinced that the new method will appeal to investors.
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US companies piled into the euro bond market on Tuesday, as white goods maker Whirlpool, Dow Chemical and apparel company VF Corp launched medium to long maturity debt.
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Banca IFIS sold a senior bond this week, as Italian bank bond spreads rallied following Intesa Sanpaolo’s takeover bid for UBI Banca.
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Santander Consumer Bank AS was well supported for a rare offering of preferred senior debt at the beginning of the week, as market participants suggested that spreads on Norwegian bank bonds could have room to tighten further.
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The UK Municipal Bonds Agency has chosen a syndicate of three banks to arrange a series of investors meetings starting on Tuesday for its first bond, a five year Sonia-linked floater for Lancashire County Council.
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