Barclays
-
-
If you’re a bank chief executive under pressure from shareholders this is the playbook: first, lower expectations and provision everything; second, raise some capital and set out a path to future success. Only then do you try to make some actual money. -
Public sector issuers are taking advantage of strong summer conditions in the dollar market to bring green and arbitrage-style deals, with more issuance expected next week.
-
Canara Bank is offering investors starved of paper from India’s FIG sector something to feast on, marketing a senior five year bond on Thursday.
-
Indonesian and Indian corporates rushed to the debt market on Thursday, with Gajah Tunggal, Paiton Energy and Vedanta Resources all launching dollar transactions.
-
The dollar market is grinding on throughout the summer, with public sector borrowers pushing out deals at the short end, although none have been in benchmark size this week. Two issuers launched transactions on Tuesday with a third slated to follow on Wednesday.
-
Anglian Water, priced a £250m eight year green bond on Monday. The size and tenor are unremarkable, and in a generation of sustainability and responsibility, a green bond should cause similarly few ripples. However, this was the first sterling-denominated green bond issued by a corporate borrower since 2015.
-
Mining company Vedanta Resources is making a rapid return to loans, mandating five banks for a deal of around $500m while simultaneously wooing investors for a dollar bond.
-
State Bank of India’s new $750m five year financing has been launched into syndication after a 10-strong bookrunner group funded the transaction.
-
Two European agencies are set to launch dollar transactions on Tuesday, defying any talk of a summer slowdown to take advantage of supportive conditions.
-
India’s Azure Power Energy made its debut in the international bond market with a dollar green transaction on Thursday. But the solar power issuer had to pay up to secure $500m in a week that caused difficulties for Indian markets.
-
Vedanta Resources plans to return to the dollar market with a seven non call four year offering, in parallel with a tender offer for its existing 2019s and 2021s.
