Barclays
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Big central bank and bank treasury demand, alongside good liquidity in the sterling/dollar cross currency basis swap and issuers’ willingness to print large deals, are driving the strongest ever start for the sterling SSA market — and a record trade for World Bank. -
Barclays’s former New York head of FX trading, Robert Bogucki, was charged this week with allegedly “front-running” a £6bn options trade to be executed by technology company Hewlett-Packard in 2011.
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Barclays came to the unsecured market for the third time in two weeks, as UK banks think about the phase-out of the Bank of England's Term Funding Scheme (TFS).
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Europe’s equity capital markets saw the launch of the first big rights issue of the year on Wednesday when Cineworld Group, one of the biggest cinema chains in the UK, confirmed it would raise £1.7bn to partly finance its takeover of Regal Entertainment, the US cinema operator.
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The World Bank is set to become the latest public sector borrower to visit the sterling market, following the European Investment Bank’s £1bn trade on Tuesday.
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Execution in the euro SSA market keeps getting better. New issue premiums are sliding as market participants adjust to new yield and spread levels, according to bankers and issuers.
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A widening in dollar swap spreads since the end of last week should help support a trio of dollar deals on screens for Wednesday’s business, said SSA bankers.
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High yield borrowers were roadshowing €3bn of mostly lower rated bonds this week. Although there is appetite for riskier paper, investors say, demand is expected to be selective.
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A stack of high yield bonds is set to hit the European market, as four issuers announced roadshows on Monday.
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Expectations for a busy week in the investment grade corporate market were maintained despite only Telefonica taking advantage of good primary conditions on Monday, as it sold a benchmark nine year bond in euros.
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The euro market, despite an increasingly hawkish central bank and strengthening euro, is proving immensely popular with borrowers. A pair of sovereigns hit screens on Monday for euro trades, as did two Nordic agencies.
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