Barclays
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Daimler raised £500m when it reopened the sterling corporate bond market two weeks ago following the summer break — and nothing more was seen in the currency until this week, when two deals raised a combined £1.1bn. -
Dutch grid operator Stedin and French utility Suez offered investors more of the same when they tapped into what has been strong demand for longer dated corporate bonds on the same day, but found that appetite is starting to wane.
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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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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.
