Barclays
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Public sector issuers navigated a choppy start to the week to print strong dollar trades, but some SSA bankers worry that the problems that brought that early volatility are far from resolved. -
SSE, the UK electricity, gas and telecoms company, brought its inaugural green bond on Wednesday in a deal that was years in the making.
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One of the sterling SSA market’s biggest names stormed back into the market after being conspicuously absent since January. European Investment Bank managed to pull its spread in by 2bp in its return to the market on Thursday.
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Japan Finance Organization for Municipalities breezed through a short dated dollar trade on Thursday, picking up a more than doubly subscribed book at what bankers away from the trade put at a low single digits concession.
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Barclays has returned to the tier two market in euros for the first time in nearly two years, eyeing a clear issuance window this week following the summer break.
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Two of Europe’s biggest issuers are relaunching the sterling market in the wake of the summer lull this week — including one that more than doubled its initial target.
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A pair of issuers sold high quality euro deals into an eager market on Wednesday, drawing praise from onlookers for impressive books.
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Kommunalbanken made what bankers away from the trade described as an “excellent” choice of tenor with a dollar benchmark on Wednesday as it tightened pricing from guidance — something that not every issuer has been able to achieve in the currency over the last two weeks. Meanwhile, a Japanese issuer mandated for a trade that bankers expect to go well despite geopolitical tensions in Asia.
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The European Financial Stability Facility (EFSF) picked up €2bn with a 23 year bond on Tuesday, paving the way for other top-flight borrowers to bring their own euro deals.
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Two Indonesian borrowers have managed to increase short-dated dollar loans after impressive demand in syndication.
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The success of the UK’s ring fencing rules, which one analyst described as “the worst idea the [Financial Conduct Authority] has ever put forward” will rely on the UK’s courts, which will have to agree how to transfer customers and assets for eight UK banks. The court process will start in November and kick into high gear ahead of the final deadline of January 2019.
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