Barclays
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While the US enjoyed its Independence Day holiday on Tuesday, European corporate bond markets were jump started by AA Bond Co. The UK motoring organisation announced a £250m ($324.33m) no-grow six year deal as part of plans to reduce overall borrowings and associated interest costs. -
Banco Santander has launched its €7.07bn fully underwritten rights issue to support its acquisition of the failed Banco Popular Español, saying it expects to make a return on investment on the deal of 13% to 14% by 2020.
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Dexia Crédit Local has brought the first £1bn-plus sterling deal from an SSA issuer since a shock UK general election result in early June, with what one SSA syndicate head away from the trade called a “phenomenal” result.
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A loan of around $400m for Indian data analytics firm Mu Sigma is open for retail participation after a successful senior phase when seven lenders joined the deal.
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India’s Rural Electrification Corp found investors more interested in its government links than its bond’s green label when it debuted in the offshore market on Thursday with a $450m deal.
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Public sector bankers have backed claims by Greece’s finance minister that the country could return to the capital markets this year “with or without QE”. The fact that another periphery sovereign, Spain, was able to print a stellar trade on Tuesday despite comments by European Central Bank president Mario Draghi sending markets in a tizzy about the possible end of QE further bolstered the statement, bankers added. Craig McGlashan reports.
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The 10 year dollar market is back open for supranational issuers, after the Inter-American Development Bank (IADB) sold a barnstormer on Wednesday that broke its 10 year size record.
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On Thursday, Volkswagen Leasing became the second German auto related issuer to print a triple tranche this week. However, it opted for shorter tenors than Daimler had on Monday.
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Two public transport operators offered deals to the sterling market this week, with varying success. Demand was strong for both deals, which had similar tenors, but one enjoyed a smoother pricing ride than the other.
