Barclays
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Demand for corporate bonds is strong but it is at its strongest for green and hybrid debt, especially for deals that combine both qualities. On Tuesday, Spanish utility Iberdrola found similar demand for green hybrids to that which Engie and EDP had benefited from in January, and market participants are starting to revise their issuance forecasts for the asset class. -
The European Investment Bank on Monday selected the five year part of the curve for its second euro benchmark of the year. The issuer will be hoping to replicate the recent success of public sector agencies in that tenor, including KfW, which achieved a record breaking book for its five year last week.
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After National Grid’s 16 year sterling corporate bond deal was more than six times oversubscribed on Tuesday and BMW found huge demand for a €3bn euro deal on Thursday, Volkswagen Financial Services tested the sterling market on Friday and found demand just as strong.
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Barclays has made two hires in its FX trading and distribution team. This included appointing another FX specialist who used to work for Deutsche Bank.
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Barclays and Rothschild are being legally pursued by Scor, which claims they breached confidence and trade secrets after the insurer rejected a merger offer from compatriot Covéa. But Scor praised Credit Suisse, claiming it had refused to join those two banks’ actions.
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Conditions for public sector dollar issuers held firm this week after an excellent start to the year, although deals were thinner on the ground thanks to a US Federal Open Market Committee meeting. Chinese New Year holidays next week will give the sector a much needed breather — after which three-years might move more into vogue than fives, said SSA bankers.
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