Barclays
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The breakneck speed of dollar corporate bond issuance continued this week, with lower rated investment grade borrowers dominating investors' attention as they came to the market to lock in attractive financing rates amid fears the credit rally may run out of steam.
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Several participants familiar with the London Stock Exchange Group's (LSEG) bid to buy Refinitiv are unimpressed by Hong Kong Exchanges and Clearing's (HKEX) £31.6bn bid for the LSEG itself and believe it unlikely to tempt shareholders. Silas Brown and Karoliina Liimatainen report. -
Nissan has sold upwards of $600m US private placements in the first US PP deal for any Japanese car company, according to several people familiar with the situation. Headline deals from car companies in both European and US private debt markets this year has led market players to believe private investors are taking a rather forgiving approach to the industry’s challenging moment. Silas Brown reports.
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Bank of Montreal and Rothesay Life made use of the quieter political situation in the UK this week to issue in sterling, in the same week issuance paced down in the euro market ahead of the European Central Bank’s meeting.
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A trio of supranationals harnessed a lack of sterling supply to reopen the market this week. The World Bank brought the first fixed rate supranational deal since August, while the Asian Development Bank and European Investment Bank both reopened Sonia-linked notes.
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The UK Debt Management Office (DMO) raised £4bn after it reopened its 2054 Gilt this week with market participants signalling their preference for the maturity rather than even longer maturities, said chief executive Robert Stheeman.
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The Asian Development Bank joined the syndicated sterling issuance run started by the European Investment Bank earlier this week, pricing a £300m tap of its March 2024 Sonia-linked note on Wednesday. The World Bank looks set to follow with a fixed rate tap on Thursday that bankers feel could give a good indication of the market’s appetite for the format amid volatility.
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Corporate bond issuance in euros was busy again on Tuesday, with four deals, but they were moderately sized, so the total was nothing like Monday's haul of €6bn and £1.25bn.
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The UK Debt Management (DMO) and European Investment Bank reopened a quiet sterling market on Tuesday with a pair of syndicated taps, which bankers feel will leave issuers and investors "confident" to follow.
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Rothesay Life chose a quieter day in UK politics to issue a tier two in the sterling market on Tuesday. It also took advantage of the lack of supply in the currency and the deal was oversubscribed four times its £400m size.
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Radius is set to become the first housing association from Northern Ireland to issue US private placements, with Barclays prepping a deal of at least £100m.
