Barclays
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Financial institutions have been making the most of extremely supportive conditions in global credit markets in 2018, with four banks printing bail-inable senior deals at very tight levels in euros this week. -
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Guarantor: Kingdom of Belgium (51.41%), Republic of France (45.59%) and Grand Duchy of Luxembourg (3.00%)
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UK petrol station operator EG Group launched a jumbo leveraged loan facility on Thursday, totalling €3.5bn-equivalent, to finance its acquisition of Esso sites in Italy and Germany. Bank meetings are due to be wrapped up by the end of this week.
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The Schuldschein and US PP markets pride themselves on rigorous credit analysis, but both were caught flat-footed when UK outsourcing firm Carillion fell into liquidation this week. The likelihood of private debt investors getting their money back is slim, and the knock-on effects on both markets are being disputed, write Nell Mackenzie and Silas Brown.
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Cineworld, one of the biggest cinema operators in the UK, has set the terms for a £1.7bn rights issue to finance its reverse takeover of Regal Entertainment, a US peer.
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Deutsche Bank placed $2.15bn of new non-preferred senior notes with US investors on Wednesday, as Europe’s largest banks continued to bombard the market with multiple deals at the beginning of 2018.
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Two European government bond traders who resigned earlier this year from Barclays are heading to hedge funds.
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Barclays rolled out sweeping cuts to its investment bank on Wednesday, with around 100 jobs gone across the business, including several managing directors in the EMEA primary bonds business.
