Barclays

The European subsidiary of CNH, the US agricultural machinery company formerly called Case New Holland, launched a benchmark euro high yield bond on Monday, as yields in the market hit new all-time lows.

Barclays is a bank in a hurry. Though its most turbulent years are well past, it has not slowed down the pace of change.

Global Ports Holding, the Turkish company that owns 15 ports in the Mediterranean and further afield, has priced its London IPO just above the bottom of the range, achieving a £465m market capitalisation. The shares are trading up about 1.75%.

Mexico City-based DCM bankers say that the mood among the country’s financial community has drastically improved since the start of the year, as Unifin on Wednesday became just the fourth Mexican credit to issue dollar debt in 2017.

Emmanuel Macron’s election as French president last weekend was the catalyst for a flood of revved up euro deals this week, with issuers and investors aiming at the long end of the curve as the biggest known political risk in Europe this year passed with a market-friendly outcome. Craig McGlashan reports.

Volatility late in the week failed to dampen a scorching few days of public sector dollar issuance, auguring well for more expected supply in the currency next week. Four issuers — some of which came this week to avoid other trades pencilled in for next week — were able to price deals at tight levels, with some coming through their curves.

Sam Dean, head of corporate finance for Europe at Barclays, is to retire from the bank and the industry, amid a sweeping reorganisation of Barclays' investment bank as its new head Tim Throsby makes his first major overhaul of management.

Public sector borrowers in the euro market on Thursday focused their attentions on the long end of the curve, but not every trade made it to full subscription.

The Province of Ontario on Thursday rounded off a stellar week for dollar issuance with a trade that, like those a day earlier, was priced with minimal to no concession and with a well oversubscribed book. Ontario’s deal was perhaps more remarkable though, given a more volatile backdrop on Thursday trading.

Mexican financing and leasing company Unifin Financiera raised $450m of seven year bonds on Wednesday as bankers’ hailed the company’s improving reputation in the market.

Public sector issuers “can do whatever they want” in a rampant dollar market, with investors ploughing into books despite deals pricing close to or flat to their curves.

The European Financial Stability Facility has sent requests for proposals for a trade next week, as a pair of rare issuers on Wednesday placed deals flat to or through fair value in a euro market buoyed by Emmanuel Macron’s election as French president last weekend. Longer dated trades — of which the EFSF has sold several this year — also look to be back on the table for borrowers.