Barclays

ABB, the Swiss-Swedish machinery maker, issued an unusual bond on Tuesday: an 18 month floating rate note that grew as large as €1bn.

The strength of demand in Europe's credit markets was amply demonstrated on Tuesday when Verizon, the US telecoms company, returned for the first time since 2017 with two tranches of euro bonds and one in sterling.

Public sector borrowers were able to achieve zero or negative new issue premiums and close books early in the euro market on Tuesday as investors piled into haven assets amid a weaker outlook for global growth.

The European Financial Stability Facility appointed banks on Tuesday for its first euro benchmark of the second quarter, which will be issued with a 16 year maturity – a part of the euro curve that has become increasingly attractive as bank treasuries head to the long end in search for bigger returns.

Fiat Chrysler Automobiles has extended the maturity of its €6.25bn syndicated bank facility, as loan market activity picks up at the beginning of the second quarter.

Chinese real estate companies Kaisa Group Holdings, Jingrui Holdings and China SCE Group Holdings came to the market on Monday after announcing strong financial results for 2018 last week, raising $900m between them.

Following European bond issues by Volkswagen Financial Services, Volvo Car and RCI Banque last week, another car company entered the market on Monday. Toyota Finance Australia issued a two and five year bond that showed the market was very much open for business and full of demand.

A trio of public sector borrowers hit screens with mandates on Monday ahead of what SSA bankers say will be a busy week of supply following a glut of benchmark issuance towards the end of the first quarter.

Carlo Palombo and Colin Bermingham were sentenced on Monday by a UK court for manipulating Euribor rates during the financial crisis.

Bank of Baroda returned to the market on Thursday to sell its first dollar deal in nearly five years. The bank, acting through its London Branch, raised $800m in a sale that came just days before its expected merger with Vijaya Bank and Dena Bank.

Total, the French oil company, achieved a flat new issue concession on its €1.5bn hybrid bond on Wednesday, according to bankers away from the deal, as investors swarmed into the book in search of yield.

Barclays’ chief executive Jes Staley has seized direct control of corporate and investment banking (CIB) again, instigating sweeping changes as he fights to boost returns at the unit and block a shareholder activist’s attack. David Rothnie reports.