Barclays
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Compass Group, the UK food service company, has hired banks for a potential euro or sterling bond issue, though some investors have doubts as to whether the sterling credit market can shrug off the uncertainties of UK politics. -
Tennet, the Dutch electricity grid company, brought a €1bn dual tranche green bond issue today that was oversubscribed, but by less than has been common, suggesting that demand for corporate bonds may be cooling.
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A second senior member of Barclays' European investment banking operations has decided to retire from the firm, with Crispin Osborne following Sam Dean, who announced his retirement last month.
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NRW.Bank made a big noise in a quiet dollar market this week as it printed the joint largest floating rate note from a European supranational or agency this year. Other issuers might be encouraged to follow with similar deals next week, said bankers, although a US Federal Reserve meeting on June 14 — where a target rate rise is widely expected — will bisect the window.
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Fresenius Medical Care (FMC) — the dialysis specialist 30% owned by healthcare group Fresenius — is looking to refinance loan facilities, a month after Moody’s upgraded the firm to investment grade
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The rise of Barclays and HSBC in UK investment banking, against a backdrop of falling fees and political uncertainty, puts further pressure on an already crowded market and the squeeze will only get worse, argues David Rothnie.
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NRW.Bank doubled its initial size target with a two year floating rate note on Thursday, with the strength of demand partly due to investors looking for floating rate paper ahead of an expected target rate rise by the US Federal Reserve next week, according to one of the leads.
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State Bank of India, which wrapped up a $500m syndication with 21 lenders this week, is already eyeing a new borrowing of about the same size, said bankers.
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Bayer monetised a large stake in Covestro, the plastics company it span off in 2015, on Tuesday night through a simultaneous block trade and exchangeable bond worth a total of €2bn, which were both covered in an hour by more than 100 investors each.
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Eurozone issuers crammed into the euro market on Wednesday ahead of a European Central Bank meeting.
