Barclays
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The US Federal Home Loan Banks system has become the latest borrower to print bonds linked to Sofr, the planned replacement benchmark for dollar Libor. -
Steinhoff’s multi-billion euro equivalent debt restructuring saga took another step forward this week, with the company receiving High Court approval to press on with a scheme of arrangement related to its US subsidiary Mattress Firm.
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Leveraged borrowers Adb Safegate and Groupe Ecore had active euro roadshows for floating rate debt, keeping the leveraged finance markets open this week.
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Export Development Canada (EDC) added to a record breaking year for non-UK SSA sterling issuance as it printed a £500m floating rate note (FRN) this week. Despite the very strong year for the currency, some trades have struggled in recent weeks — but FRNs such as EDC’s appear to be the exception. Some in the market put that down to concerns over Brexit negotiations.
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Volkswagen printed the biggest trade in its history as high-grade corporate borrowers blitzed the dollar market in response to the results of the US mid-term elections.
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Barclays and Santander UK exploited the relief rally in the immediate aftermath of the US midterm elections this week to take home a combined $4.5bn.
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American pharmaceutical company Allergan, best known for its cosmetic drug Botox, returned to Europe on Thursday for a new three tranche corporate bond deal. The €1.7bn transaction fell short of the company’s debut €2.7bn deal, but was a filip for a market that had been silent the previous day due to the US mid-term elections.
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UK hotel group InterContinental’s debut euro deal was the smallest of three new corporate bond deals on Thursday after Wednesday saw no new issuance. While Allergan and BMW sold multi-tranche deals, IHG’s deal had been well flagged and still received due attention from investors.
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Barito Pacific and Bank Rakyat Indonesia have returned to the international loan market for new fundraisings.
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Barclays has hired Citi’s Tasnim Ghiawadwala as head of UK corporate banking.
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Barclays’ co-head of global debt capital markets and risk solutions group has had his job put at risk by the bank.
