Barclays
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A trio sovereigns went to the MTN market over the past week, including Italy, which issued a yen bond for the first time since 2009. The deal, led by Nomura, was also its first issue in a foreign currency since 2010. -
Total, the French oil company, issued a €1.5bn hybrid capital bond on Wednesday, at the same time as launching a tender offer to buy back some of its €2.5bn call February 2021 and €1.75bn call May 2022 hybrids.
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Tim Throsby, CEO of Barclays International and Barclays Bank, has quit the company, as it reorganises its corporate and investment bank.
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Holders of Inmarsat’s 6.5% 2024 high yield notes are recommended to take profits, as the board of the UK-listed satellite company recommended an LBO offer from a consortium of investors. Barclays, Bank of America, and UBS are arranging a $3.625bn term loan and a $600m-equivalent multicurrency revolver to fund the deal.
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Land Berlin saw orderbooks swell to around four times the size of its €500m no-grow trade on Tuesday, with leads saying the 15 year maturity is the sweet spot to attract bank treasuries.
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Indian Railway Finance Corp (IRFC) pushed into the dollar market on Monday to close a bond trade ahead of the end of the financial year. The issuer managed to grab $500m from the five year sale, despite a weaker market.
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Investors looking at the multi-billion euro listing of Italian payments company Nexi are largely comfortable with the country’s political environment, focusing more on whether its private equity sellers will seek too high a price.
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SSA bankers are expecting another muted week of issuance as the market heads into the end of the quarter, with just a no-grow trade for the State of Berlin announced so far on Monday.
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Barclays and Natwest Markets have come first and second in league tables for cross-border activity in the US private placement market. As US private placements become more popular in the UK, British banks have strengthened their status in the market.
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The State of North-Rhine Westphalia increased the size of its century bond through syndication again last Friday, having tapped the bond only three days before.
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