Barclays
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Barclays and BNP Paribas both waited until August to seal additional tier one trades that investors had been expecting for the best part of 2018, pulling off their deals ahead of what could be a busier and trickier finish to the year. -
Barclays has hired Dean Galligan from Goldman Sachs as head of cross asset structuring solutions.
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The need to offer healthy new issue premiums is not holding back additional tier one bond issuers this summer. Barclays reopened the market for the product in dollars on Tuesday, to be quickly followed by BNP Paribas.
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Mutual Energy, an energy infrastructure company headquartered in Belfast, has sold £200m ($256.98m) of private placement notes in its first private debt outing.
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Barclays has opened books on a long-awaited additional tier one bond, with four of its outstanding deals set to hit their first call dates in the next year.
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The International Finance Corp drew one of the highest BondMarker scores of the year so far with its return to five year dollars after two years away. The trade came in a week of few, but very well received, deals, with the European Stability Mechanism scoring its highest average score of 2018 so far.
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Macau gaming leader Sands China made waves in the debt market on Thursday with its mammoth $5.5bn triple-tranche bond debut.
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India’s Power Finance Corp raised $300m from a 10 year bullet bond on Thursday. While the issuer was able to pull off a tight price for its second issuance in less than a year, many investors were unconvinced about the credit's worth.
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South Africa state-owned utility Eskom’s return to the international bond markets on Thursday was hailed as proof of the faith investors have in Cyril Ramaphosa, the country's president. And it could well mark the beginning of the country’s rehabilitation in the debt capital markets as Eskom is widely thought of as South Africa’s biggest and most public financial problem. Francesca Young reports.
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Barclays ramped up its leverage and commitments to repo and prime finance, helping the firm’s markets business score a revenue bump of 11% and beat analyst expectations, largely thanks to surging numbers from the bank’s equities business.
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The Bank of England on Thursday raised its base rate by 25bp to 0.75%, a move that was widely expected and one that brought next to no market reaction — keeping conditions calm for what could be a record year for SSA sterling issuance. L-Bank added to that tally on the same day with a deal that came 25% above its initial size target.
