Barclays
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Corporación Andina de Fomento (CAF) is this week set to bring its second dollar benchmark of the year, the proceeds from which will be used to pay off a $1bn floating rate note maturing next year. -
TMF Group, the Dutch business services company, has abandoned its plans for an IPO on the London Stock Exchange in favour of a sale to CVC Capital Partners.
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A benchmark deal from 2i Rete Gas, rated Baa2/BBB, was not in the same league as the storming transactions the corporate bond market saw on Monday. Those involved felt they were a day late arriving at the party.
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Wind Tre, the Italian telecoms group, delivered Europe's largest ever high yield bond issue this week, a €7.3bn deal that has raised the bar for the market and led to expectations that more sponsors will follow suit amid heady investor demand.
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Corporate borrowers dashed to print as investment grade spreads maintained their record levels ahead of a sell-off in US Treasuries, as speculation grew that US president Donald Trump would appoint a policy hawk to replace Janet Yellen as Fed chief.
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A euro and sterling deal from Verizon was the only corporate bond deal in the pipeline when bankers returned to their desks on Monday morning.
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Despite a disappointing performance in FICC, Barclays is standing firm on its plans to allocate more balance sheet to the division and continue its run of senior hires in the business.
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NRW.Bank brought a large sterling bond this week that was more than doubly subscribed, in what was a “great outcome”, according to bankers away from the trade. The deal came as the UK Debt Management Office picked the tenor for its next syndication.
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Another pair of public sector borrowers tapped the dollar market, hitting two and three years respectively, in contrast to Tuesday’s salvo of long end trades. One of the issuers printed well beyond its initial size expectations.
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The European high yield bond pipeline this week brought €1bn of single-B rated offerings in euros and sterling from new issuers, giving hope to those working for a bigger borrower base for the market.
