Barclays
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The European Financial Stability Facility (EFSF) announced on Monday that it would complete its 2017 funding programme with a pair of taps on Tuesday. Conditions in euros looked strong on Monday, as they allowed the Council of Auckland to pull its spread in by 7bp for its second ever euro deal. -
Rentenbank will tap a resurgent long end dollar market on Tuesday, alongside a rare appearance in the currency from the Canadian sovereign in fives and a French agency in threes. This is only the second time in nearly two and a half years that issuers have peppered the whole of the dollar curve on the same day.
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UK telecoms group Virgin Media will begin marketing a jumbo loan this week, in a market that bankers describe as awash with demand. Many issuers are returning in search of tighter margins as soon as their loan terms allow.
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Barclays opened books for its first green bond transaction on Monday — a callable senior deal from its holding company — as two more financial institutions said that they would hit the road with new green bond frameworks of their own.
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Equity investment group China Jianyin Investment (JIC) is readying an international bond offering, mandating banks ahead of investor meetings.
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Guotai Junan International Holdings launched a 364-day dollar bond on Monday, the issuer’s first public offshore debt offering in more than three years.
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Flexible investors are returning small amounts of money into prime funds after the mass exodus experienced following money fund reform, according to a Moody’s report. However, a managing director at Barclays believes this is not yet a significant trend.
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On Thursday, tobacco company Philip Morris sold a $2bn triple-tranche bond deal. On Friday, it was in Europe selling a €1bn dual-tranche transaction, taking advantage of the demand for longer tenors.
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Public sector borrowers are preparing a flood of dollar issuance, said bankers, after a week with just one benchmark in the currency. The lack of deals this week was down to several factors, including the anticipated naming of a new US Federal Reserve chair on Thursday.
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Dollar corporate bond supply kicked off November on a quiet note after the the Federal Reserve’s two day meeting kept borrowers on the sidelines following a frantic start to the week when spreads continued to tighten and cash poured into the high-grade market.
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Housing & Care 21, a provider of housing and care services for elderly people in the UK, made a successful corporate bond debut on Wednesday when it sold a £250m 30 year deal that grew its sector’s presence in the sterling market.
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