Barclays

British American Tobacco set fire to any notion that markets close in August this week with a $20.8bn bond bonanza. It brought a $17.25bn eight tranche deal on Tuesday — the second largest bond transaction of the year in the US — and followed that with a €3.6bn-equivalent four tranche dual currency deal in Europe on Wednesday. Nigel Owen reports.

Three Chinese high yield credits opened books for fresh dollar deals on Thursday, wooing investors in the quiet summer market. Greenland Holding Group Company is making a return, while China Huiyuan Juice Group and 21Vianet Group are ready for their debuts.

After bringing the second largest bond transaction of the year in the US on Tuesday, British American Tobacco topped up its borrowing with a €3.6bn-equivalent four tranche dual currency deal on Wednesday.

NRW.Bank racked up another tightly priced deal for the dollar SSA market on Tuesday, as FMS Wertmanagement prepared a trade that bankers expect to attract a similar central bank audience. Issuers are enjoying strong summer dollar conditions, with swap spreads stable and US Treasury spreads attractive for the buy-side.

Barclays has hired Paolo Minerva from Bank of America Merrill Lynch as head of sourcing for its European distressed debt business.

NRW.Bank has announced a three year dollar benchmark, picking banks for what looks to be this week’s only supply, according to one head of SSA syndicate away from the trade.

British American Tobacco is expected to bring the week-long run without any new corporate bond issuance to an end later this week. The UK based tobacco company could issue in dollars, euros and sterling.

Anglian Water’s £250m eight year green bond was the only corporate new issue that priced this week. If there is to be any issuance next week, it is expected to be in sterling.

India's Vedanta Resources extended its maturity profile further this week with its second tender plus new money deal of the year. The issuer opted for size over price, leaving a little something on the table for investors.

Indonesian power producer Paiton Energy added a hefty $2bn to its coffers on Thursday, selling a dual-tranche bond that won over investors because of its diversity benefits and secured structure.

Canara Bank priced a $400m five year senior bond on Thursday, marking the second dollar deal from an Indian bank in a week.

Barclays said in its second-quarter results that it would redeploy capital from parts of the corporate bank into markets, reversing the course many banks have taken since the crisis, and affirming the bank’s ambitions as a top-tier fixed income trading house.