Barclays

The market for equity block trades in EMEA has lost some of its shine, with volumes down on last year, and a string of failed trades. This poor performance is in stark contrast to a resurgent IPO market, which in the last two weeks has generated strong returns for investors.

French toll road operator Autouroutes du Sud de la France kept up the positive tone in the IG corporate bond market with a 10 year deal on Thursday, which it was able to increase in size and price with a single digit new issue premium.

Barclays has regained its mojo in corporate finance, after a period of drift. But with a flagging share price and an activist investor snapping at its heels, it's a race against time, writes David Rothnie.

BMC Software, the US IT firm, has revealed the loan leg of the funding for its leveraged buyout by KKR, a $4.4bn facility in dollars and euros. It is the first multi-billion leveraged loan deal for four weeks, after a battery of large offerings early in May.

German pharmaceutical company Bayer delivered on its plans to raise more than €20bn in senior bonds with an eight tranche dollar deal on Monday and a four tranche euro transaction on Tuesday. The dollar deal was three times oversubscribed and the euro deal nearly 4.5 times.

Chinese education firm Puxin popped on its first day of trading on the New York Stock Exchange last Friday, and has stayed strong since, after pricing its IPO at the bottom of the marketing range.

Five borrowers helped to contribute to a heavy deal pipeline for acquisitions and refinancings this week, as secondary spreads tightened after last week's no issuance.

Rating: Aa3/—/—

UK banks may have to reassess the make-up of their capital structures after the Bank of England said this week that it could slap a higher minimum requirement for own funds and eligible liabilities (MREL) on groups with regulatory debt sat outside the main resolution entity.

The pipeline of Indian loans is building up, with Housing Development Finance Corp and Kotak Mahindra Bank seeking new fundraisings.

The margins paid by Michigan utility CMS Energy on two revolving credit facilities totalling $1.4bn will, for the first time, be linked to its sustainability goals, as a result of amendments signed on June 5.

Several issuers took new deals on the road in the second half of May and early June, but have struggled to find a window to execute their deals after the roadshows were completed. Recruitment firm Manpower met investors from June 6 to June 8 before selling its deal on Tuesday.