Barclays

Growing fears that the UK could crash out of the EU without a deal are starting to weigh heavily on UK banks. The country’s most prominent issuers are finding it harder to drum up support for their bond deals, as investors find plenty of alternatives elsewhere. Tyler Davies reports.

Talk of the UK leaving the EU without a deal has given investors one more reason to shy away from supporting bond deals from the country's banks, during a busy period for new issuance.

Ireland’s Cairn Homes has agreed a €350m debt package from four institutions, with the homebuilder managing to lock in cheaper funding costs than the loans being refinanced.

Royal Bank of Scotland was selling a new senior deal from its holding company on Tuesday, following a similar deal from Barclays, which struggled to find a great deal of momentum in its order books.

A senior SSA portfolio manager at Barclays has resigned from his position and will be leaving the bank, GlobalCapital can reveal.

India’s Reliance Industries has launched its long-awaited refinancing of around $2.7bn into general syndication, one month after mandating 17 lead banks to run the transaction.

Barclays sold the eleventh five year senior deal of the week on Friday, capping off a busy few days of supply.

With interest rates expected to rise, the ability to offer delayed funding on attractive terms is becoming more important for investors in sterling US private placements (PPs). Some are struggling to get into deals as they cannot compete with their rivals’ terms, writes Silas Brown.

The UK’s preparations for a no-deal Brexit published this week include a proposal to strip away preferential capital treatment for EU27 exposures — meaning a hit to UK bank capital ratios at the worst time imaginable.

Investors see value in bank additional tier one (AT1) bonds, pointing to low coupon cancellation risk and attractive entry points for those approaching a call date.

Barclays said on Monday that it had hired Rocket Internet CFO Peter Kimpel as both head of banking and country manager for Germany.

The UK’s Octopus Investments has signed a £174m loan package to refinance a biomass and landfill gas portfolio.