Barclays

Three SSA issuers brought dollar deals to market on Wednesday, hitting screens in a variety of formats and tenors, making the most of excellent conditions to pull off impressive deals. A fourth is lined up for Thursday.

Barclays surprised some market participants this week when it said that it would not be calling one of its legacy tier one securities at its first call date in March.

Qatar National Bank has tightened price guidance for its second international bond of this year and books are already in excess of 3bn for the $1bn-maximum trade.

The European Investment Bank and the Province of Quebec were well subscribed as they re-opened the dollar SSA market following the extended Lunar New Year holiday. Two more public sector borrowers will follow with dollar bonds on Wednesday, ahead of what is expected to be a busy month in the currency.

The Japan Finance Organisation for Municipalities printed the first deal from its budding green bond programme on Tuesday, impressing onlookers with a large book and aggressive price move. The trade shared the market with a social housing bond from Cassa Depositi e Prestiti.

Volkswagen Financial Services hit the sterling market on Monday, with the issuer seeming to print at a low single digit new issue premium as the primary market remains heavily weighted in favour of borrowers.

The UK Debt Management Office has selected the syndicate that will run the books for its upcoming tap — its final syndication of the 2019/2020 financial year.

BPHA, a housing association headquartered in Bedford, is looking to sell US private placements, according to several market sources, as private debt remains readily available for UK HAs.

Together Money has refinanced its 2021 high yield bond with a new issue, taking advantage of strong conditions and a dearth of sterling supply to take more cash off the table and pay down its revolver too.

Rating: B1/BB-/BB

Jes Staley’s strategy has been vindicated, with Barclays’s corporate finance bankers having a banner year. But it has to invest in its European franchise to cement its credentials as the region’s leading investment bank, says David Rothnie.

Anglo Pacific Group, the London-listed, mining resources royalty company, has amended and extended its dollar revolving credit facility, which has now tripled in the last few years.