Barclays

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.

Dubai-based payments company Network International has kicked off investor education for its IPO on the London Stock Exchange, which is expected to value the business in the region of $3bn, according to a source close to the deal.

Unédic priced through fair value for its first bond of the year on Wednesday, as the European Central Bank’s announcement of fresh liquidity supercharged an already red hot euro SSA market. African Development Bank will hope to find similar success in the 10 year part of the curve after mandating banks for its first benchmark of the year.

Deutsche Telekom became the latest blue chip company to issue a two tranche bond with no new issue concession on Tuesday, making it three deals out of three so far this week that have come without any sweetener for investors, compared with secondary spreads.

Public sector borrowers in the euro SSA market received strong demand in both the short and long ends of the curve on Tuesday. KfW took advantage of the blistering conditions to sell its first euro benchmark with a three year maturity since 2015, while Société du Grand Paris (SGP) sold its biggest ever bond.

High yield bond issuance in Europe is perking up, with several deals being marketed or just about to be launched. Beginning its roadshow on Monday was Sappi, the South African paper company, which wants to issue €450m to replace an older bond; starting on Tuesday is French car parts group Faurecia, seeking €500m.

Barclays is ready to head to Japan with a new bond offering if a series of crucial votes in the UK Parliament this week can help to clarify the next steps in the Brexit process.

Jonathan Moulds, a banking veteran who worked in board-level jobs at Barclays and Merrill Lynch International, is to become chair of Litigation Capital Management.

Peking University Founder Group Co priced a $200m bond tap on Friday, getting ahead of a disappointing non-farm payroll report..

Rating: Aa3/AA-/AA-