Barclays

Euros in the public sector bond market have enjoyed an exceptional run throughout January, providing borrowers from all across the public sector with funding in a tremendous breadth of maturities.

Andy Jones, the chief executive of Asia Pacific for Barclays, is returning to London after more than 10 years in the region.

Although the European high yield market priced only one sterling issuer this week, some debt advisers say the pipeline is building up.

Sky Bet, the UK gaming company owned by private equity firm CVC, is planning to cut margins on its existing term loan as activity stirs in the sterling loan market.

Indian power company NTPC made its debut in the euro market on Wednesday with a €500m deal, seeking out the currency to take advantage of favourable interest rates.

Vedanta Resources has become the first Indian high yield issuer this year, raking in $1bn from a 5.5 year transaction. A strong rally in its outstanding bonds, combined with a turnaround in both the company’s credit and the commodities industry, ensured tight pricing and a successful outcome.

A trio of issuers brought deals across the short end of the dollar curve on Wednesday, adding to what one SSA syndicate head described as the “ideal January”. Supply looks to have dimmed for now, with no deals on screen for Thursday and Chinese New Year holidays next week likely to halt benchmark issuance, but bankers believe conditions are so hot that arbitrage deals or floating rate notes could still break through.

WHSmith, the UK newsagent and bookseller, has signed a £130m five year revolving credit line to use as its working capital facility, it said on Wednesday, while raising its full year profit forecast.

Corporate bond issuers are still coming to the euro market, but at a slower pace than in the past fortnight — perhaps a good thing, as signs of indigestion began to creep into the secondary market last week, and some new issues traded weakly.

Vedanta Resources has become the first Indian high yield issuer this year, raking in $1bn from a 5.5 year transaction. A strong rally in its outstanding bonds, combined with a turnaround in both the company’s credit and the commodities industry, ensured tight pricing and a successful outcome.

MidAmerican Energy joined the growing ranks of US utility companies that have issued green bonds with an $850m dual tranche offering on Monday that was four times subscribed.

Public sector borrowers are staying focused on the belly of the dollar curve, with a pair of issuers lined up for Wednesday. Demand at that part of the curve shows no sign of letting up, with two issuers out in fives on Tuesday — one of which was able to increase the size of its issue from its initial target.