Barclays

Including redemptions and central bank buying, the investable eurozone covered bond market has shrunk almost €80bn so far this year. No surprise, then, that three seven year deals issued this week by Ibercaja, Banco Sabadell and Bank of Montreal were swamped with demand.

The European Stability Mechanism is close to deciding on the format its first dollar benchmark will be printed in, while a deal due this Friday could open up to longer dated tenors what has already been an extremely strong dollar market in the three year part of the curve.

FMS Wertmanagement became on Thursday the first public sector borrower since June to print a euro benchmark with a maturity below five years.

Export Development Canada will on Friday join a rampant dollar benchmark market and could open end up giving issuers more options after choosing a more daring maturity than those executed in the last few weeks.

US music publisher Warner Music Group on Monday was alone in the European high yield market at the same time that Verallia, the French glass packaging maker, told investors it had cancelled its pay-if-you-can bond offering.

SMBC has hired Barclays’ head of private loan sales, who had worked at the bank for 10 years before his departure.

Including redemptions and central bank buying the investable eurozone covered bond market has shrunk almost €80bn so far this year. No surprise then that seven year deals issued on Thursday by Banco Sabadell and Bank of Montreal were swamped and priced with virtually no concession.

Indian solar power company Azure Power Global has traded down on its debut on the Nasdaq stock exchange after pricing its IPO below the price guidance.

Sweden on Thursday will bring the second three year dollar benchmark of the week, after a deal on Wednesday in the same tenor from KfW that was the biggest trade in the currency since July.

After mandating leads on Wednesday, Bank of Montreal is set to open books on Thursday for what will become the longest Canadian covered bond in euros. Having issued three year and five year deals this year, BMO’s fourth trade of 2016 will be a curve extending seven year.

Rights of Informa, the UK business and academic publishing and events company, began trading separately from its shares this week. Both have traded down, but the ratio between the prices remains satisfactory.

UK luxury clothing retailer Ted Baker has increased the size of its revolving credit facility from £85m to £110m.