Barclays
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A slew of deals hit screens in sterling this week, allowing SSA borrowers from three continents to pick up a combined £1.175bn ($1.55bn) in funding — including one borrower’s largest-ever deal in the currency. -
A pair of seasoned green bond issuers brought deals in the format this week — but each opted to print in a currency in which it had not sold green bonds before.
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German healthcare company Fresenius this week opted to issue a €500m no-grow seven year trade following a roadshow, a choice which rewarded it with an order book that was more than five times subscribed.
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Barclays has returned to the Swiss franc bond market after an eight year absence.
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Retailer J Sainsbury and metals tycoon Anil Agarwal kept sterling denominated M&A running at full pace this week, after a quarter with the biggest volume of loans in the currency in five years.
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UK retailer J Sainsbury’s has signed a £3.5bn loan package to back its acquisition of Walmart-owned Asda, with the company raising more debt than the cash component of the deal despite analysts raising concerns about the borrower’s recent debt levels.
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Two corporate bond issuers from opposite ends of the ratings spectrum found similar success with new bonds on Wednesday. The seven and eight year tenors found favour with investors looking to put new cash inflows to work.
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A pair of supranational issuers are this week bringing new currencies to their green funding offerings.
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The UK’s International Public Partnerships has amended and extended its £400m bank facility, keeping the sterling loan market going at full pace after it recorded its busiest quarter in five years at the end of June.
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Two borrowers, Marlink and Iris Software, offered a string of new medium sized leveraged loans this week, following the recent launch of some highly anticipated jumbo deals that sources say have helped renew investor interest in the European market.
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Barclays is working hard to expand its equity capital markets business in Northern Europe, in a bid to capitalise on what it expects to be a busy few years for the region.
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