Barclays

Barclays gave investors a chance to buy deeply subordinated UK bank risk on Wednesday, joining a string of issuers in hitting the additional tier one market ahead of impending call dates.

Market participants expect that bank capital valuations will rally much further in 2019, with investors reverting to a hunt for yield amid the prospect of interest rates being lower for longer.

GlobalCapital announced the winners of its 2018 Equity Capital Markets Awards at our annual Awards dinner in London on Tuesday night. Adyen, Knorr-Bremse, Netcompany and Neoen were among the deals that won prizes as company founders, CFOs and senior managers mingled with leading investment bankers.

Bankers away from Andalusia’s 10 year euro benchmark are heaping praise on the trade, which was priced on Tuesday.

The State of North-Rhine Westphalia received a rapturous reception from investors for the syndicated reopening of its century bond on Tuesday, allowing it to print over five times the initial target size.

Qatar Islamic Bank has launched its $750m five year benchmark sukuk at 150bp over mid-swaps.

Following the success of the jumbo acquisition financing for Brookfield and CPDQ’s purchase of Johnson Controls’ Power Solutions unit, European leveraged loan buyers now have a wide variety of credits to assess, with deals from Ceva Santé, Delachaux, Konecta and Hotelbeds in the market this week.

Nexi, the Italian payments company, launched its long-awaited flotation on the Italian stock exchange on Monday — and investors are already eager to take a slice of the listing.

Triple B-rated Cassa Depositi e Prestiti (CDP) and Andalucia hit screens on Monday, with SSA bankers convinced the deals are indicative of the smaller types of trades expected in the week ahead.

Guarantor: France

The exceptionally strong demand in Europe’s corporate bond market has remained unaffected by the turmoil in the UK’s Parliament, as MPs vote night after night on repeated motions that could determine the country’s future inside or outside Europe. On Thursday, two issuers attracted huge books: Marsh & McLennan Companies, the US insurance and investment services group making its debut in euros, and Incommunities Group, a Leeds-based housing association, in sterling.

The African Development Bank sold a 10 year benchmark in euros on Thursday that bankers said priced through fair value. Land Schleswig-Holstein was also in the market for the same tenor that extended its curve to 2029.