Barclays
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The European leveraged finance market is set to contend with loan deals approaching €4bn for the start of September. Over half of that is for the German pharmaceutical firm Stada — a deal that could help make funding more expensive for everyone else, writes Victor Jimenez. -
SSAs enjoyed soaring conditions in the sterling market this week after a summer lull, which bankers attributed to a big Gilt redemption and sterling’s weakening against other main currencies.
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A group of institutions working towards a distributed ledger solution for cash settlement has doubled in size, as six global investment banks came aboard this week.
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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.
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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.
