Barclays

The political manoeuvrings in Italy’s path to being governed — as well as poor eurozone economic data — played havoc with rates this week, leading to SSA deals either paying higher new issue concessions, or falling short of subscription. More volatility could come, after the country’s president approved the likely coalition partners’ choice of prime minister but held back from appointing a eurosceptic economist to take charge of the country’s economy. Craig McGlashan reports.

The Netherlands Development Finance Company (FMO) has added another product to its local currency offering after selling its first ever note linked to the Tanzanian shilling. The deal came in the same week that World Bank debuted in Peruvian soles.

Vodafone was welcomed with open arms in the US as it printed the biggest dollar bond in its history, executing a quick fire acquisition financing.

Dexia Crédit Local scored what leads said was a good result on Thursday as it brought a trade at the upper end of its size plans and tightened pricing during another volatile day for eurozone rates. KfW was also out in euros, with a tap, although it appeared to be more of a slow burner.

Israel Chemicals navigated a difficult market, which saw a pulled investment grade deal, to print a rare 20 year bond combined with a buy-back.

Big bank M&A is a fun parlour game. If one tires of discussing whether one hundred duck-sized horses could overpower one horse-sized duck, or which West Ham line-up 1980-present was strongest (2000-02 - Ed) it's always worth speculating about who ought to be buying who and why.

BNP Paribas has hired a new loans banker in Singapore even as a senior executive leaves its southeast Asia originations unit, sources close to the move said.

GlobalCapital announced the winners of its Bond Awards 2018 on Wednesday night at our 11th annual Bond Awards dinner, at the Jumeirah Carlton Tower in London. Some 280 people were there to see the brightest and best performers in the international bond markets in the past year crowned.

Unédic played it safe by offering extra new issue concession to traverse a choppy euro market on Wednesday, ending up with a €1bn 15 year deal and a 1bp tightening from guidance. Dexia Crédit Local is out for a euro deal on Thursday, although bankers said the shorter duration trade should mean the volatility will be less of a test.

Zurich Insurance sold its first bonds in the Australian dollar market this week, as it looks to finance its recent acquisition of Australia and New Zealand Banking Group’s life insurance business.

Royston Quek, head of Greater China DCM at Barclays, has left the bank after just over three years on the job.

Delaware-based chemicals group Chemours added to the surge of reverse Yankee issuers with a new euro deal this week, as sources report growing interest from non-European bond investors in the currency.