Barclays
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The European Investment Bank printed flat to, if not through, its dollar curve on Wednesday, drawing a more than doubly subscribed book and immediately moving tighter in secondaries. That should bode well for other borrowers looking at the currency in the coming weeks, said SSA bankers. -
US telecoms giant AT&T has historically used the sterling corporate bond market for longer dated issuance. However, on Thursday, it sold an eight year deal in the currency – its shortest tenor in sterling since 2009.
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BP Partners, the European private equity firm, sold out of specialist insurance Sabre last night, less than a year after the company’s IPO.
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On the same day BMW reopened the euro corporate bond market following the summer break, Daimler reopened the sterling market. On Wednesday, BMW decided to follow a similar path to Daimler for its own sterling deal, but could not achieve quite the same success.
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The European Investment Bank printed flat to, if not through, its dollar curve on Wednesday, drawing a more than doubly subscribed book and immediately moving tighter in secondaries. That should bode well for other borrowers looking at the currency in the coming weeks, said SSA bankers.
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The dollar market for public sector borrowers is set to welcome the return of one of its biggest issuers, as deal flow restarted after Monday’s US Labor Day holiday.
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Italian gas distributor 2i Rete Gas has dared to test the corporate bond market’s appetite for issuers from the country with a seven year trade. With its government budget on the horizon, some market participants said this deal could make or break the market for Italian issuance in 2018.
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South African precious metals mining company Sibanye Stillwater has launched a tender process to repurchase some of its high yield and convertible bonds.
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Barclays has created two new roles to bolster its coverage on green and socially responsible products.
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First Abu Dhabi Bank (FAB) has updated its $15bn EMTN programme, prompting some investors to prepare for a transaction from the Middle Eastern bank — though syndicate bankers are less convinced.
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The leveraged loan pipeline for September coughed into life this week, as AkzoNobel Specialty Chemicals unveiled the first jumbo deal of the week, a €5bn loan to support its buyout by Carlyle and Singaporean government fund GIC.
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Overwhelming support for Aluminum Corporation of China’s (Chalco) $400m three year bullet bond allowed the issuer to price through its parent company’s curve on Thursday.
