Barclays

The Inter-American Development Bank provided further proof on Wednesday that there is deep demand at the five year part of the dollar curve — but another supranational is stepping up to test the long end of the currency for the first time this year.

On Tuesday multi-tranche and green bond issuance returned to the investment grade corporate bond market, leaving just the hybrid asset class untouched in 2018. That didn’t last long, as Engie and Aroundtown launched new hybrid deals on Wednesday morning, one of which set new lows for the product's coupon and spread levels.

The euro market is providing borrowers with superb execution — KfW gathered its largest ever book for a 10 year on Tuesday — but investors are requiring healthy new issue concessions in order to commit.

January’s impressive pipeline of sovereign issuance is starting to unload, as Italy and Portugal hit screens on Tuesday for their first syndications of the year.

The United Mexican States has released price guidance on its first euro bond for over a year.

Barclays and Lloyds were marketing new senior offerings from their holding companies on Monday, having each already printed two transactions in the first week of 2018.

While the high yield bond pipeline has yet to reveal its first roadshow of 2018, two leveraged loan borrowers announced new deals on Friday. They are trailer supplier Dexko Global and Planasa, the Spanish berry producer.

The sterling market had a healthy opening week in the public sector with three deals raising a combined £1.9bn, and there is plenty more in the pipeline, according to syndicate bankers.

The sterling covered bond market enjoyed a strong start to the year, with four issuers raising a collective £3.7bn. Barclays priced the first deal of the year, which also happened to be one of the longest and largest.

When the shadowy figure known as Satoshi Nakamoto launched bitcoin in 2009, few predicted that the technology underpinning it would, in a few short years, be hailed as an invention as important as the internet. Capital markets are on the front line for disruption, writes Lewis McLellan.

2017 saw some serious capital raising by European banks. Four European globally systemic banks, in four monster rights issues, raised more than €30bn — partly to deal with non-performing loans and partly to reclaim their places in global investment banking and capital markets. Even banks that did not turn to the equity markets sought to conserve capital — but is 2018 the year when belts will start to be loosened again? Owen Sanderson reports.

A pair of public sector borrowers blew away the cobwebs in the sterling market on Wednesday, printing a combined £1.5bn.