Barclays

Guarantor: Swedish local government members

Kommuninvest was the sole dollar benchmark in the public sector market this week, getting in just a day ahead of Thanksgiving to reach its 2018 funding target. Dollar SSA supply is likely to be limited for the rest of the year, but there is room for "opportunistic" trades at the short end, according to bankers.

The UK’s Keller Group has signed a £375m syndicated loan to refinance debts, as the engineering company takes “tough but necessary actions”, through a multi-million pound restructuring, to cull loss-making operations.

Bank Nederlandse Gemeenten failed to reach full subscription for its €750m November 2025 sustainability bond this week, with the issuer attributing the lack of orders to the volatile market conditions.

The Co-operative Group pulled out of a new bond issue and took the rare step of cancelling a tender offer this week, with bankers pinning the blame on the UK’s Brexit brouhaha.

Denmark’s TDC is seeking to reprice its euro-denominated term loan ‘B’, as the telecoms company continues to slash at its debt costs and size in the wake of selling Norwegian cable firm Get.

Bankers in the corporate bond market still have a number of deals on their pads to try to execute ahead of the end of 2018. None was successful this week, but that hasn’t dented their ambition.

Barclays has hired two interest rates options traders in London, as it seeks to grow the business and expand its product offering.

Kommuninvest took advantage of the lack of competing SSA supply on Wednesday to price a long three year dollar trade ahead of the US holidays. Meanwhile, Nederlandse Waterschapsbank has appointed banks to arrange investor calls for its annual water bond.

US medical technology company Stryker is still looking to bring its debut euro transaction following its recent roadshow, but is waiting for market conditions to improve before pushing its triple-tranche offering into the market.

Atlantica Yield, the UK-based energy yieldco that was formerly Abengoa Yield, abandoned a $300m eight year high yield bond issue on Tuesday, as yields in the market reached their highest for over two years.

Boston Scientific, the US medical devices manufacturer, has agreed to buy the UK’s BTG for £3.3bn, with Barclays providing a bridge loan to finance the medical industry transaction and continue the trend of borrowers turning to small banking groups to fund purchases.