Barclays

The Inter-American Development Bank sent SSA bankers into rapturous applause on Wednesday as it reopened the 10 year part of the dollar curve for richer names with what Dealogic data shows is its largest ever global benchmark in the tenor.

Société Générale raised £42.8m by selling its last shares in TBC Bank Group, the London-listed Georgian lender, on Tuesday night, after pricing the shares at a 6.6% discount.

Though some bankers have detected a cooling of investors’ thirst for European IPOs in recent weeks, the right names are still flying off the shelves. Delivery Hero, the online food ordering service, is guiding investors in its €866m deal to the top of the price range, and shares in restaurant chain Vapiano rose on their debut.

The European leveraged finance market was disappointed this week when Bain Capital’s and Cinven’s €5.3bn bid for German generic drug firm Stada fell apart.

Euro conditions are excellent for public sector borrowers, with Spain pulling in a nearly €30bn book for an €8bn 10 year — which bankers away from the trade said indicated a high presence of quality investors — and KfW raising €5bn after picking a seven year deal over a shorter tenor. Another pair of issuers are now looking to take advantage.

The Inter-American Development Bank is set to tackle the 10 year part of the dollar curve, a maturity that most of its peers have avoided so far this year.

Vapiano, the Italian restaurant chain, rose by 4% on its debut in Frankfurt on Tuesday, as investors bought shares in secondary after half the book was zeroed.

On Tuesday, Deutsche Bahn returned to the sterling bond market for the first time in nearly four years. The state-owned German railway company printed a £300m eight year deal, achieving tighter pricing than it would have in euros.

The Indian Renewable Energy Development Agency (Ireda) has been forced to hold off on its plans to sell a green Masala bond due to new regulatory approval requirements.

The euro market for public sector borrowers looks set to kick back into action after a quiet last week, with a pair of big borrowers mandating for trades to come on Tuesday.

Different countries treat their banks differently, but rarely has that been clearer than last week. The week closed with Italy agreeing to hand Intesa a fat cheque, a free option and state blessing to consolidate its hold on the banking system. The UK, though, started criminal prosecution of its own ‘national champion’, with the Serious Fraud Office unveiling its fraud allegations against Barclays.

Bank Nederlandse Gemeenten has raised £150m with a tap of a March 2022 line, ahead of more supply in the currency next week, according to a BNG funding official.