Barclays

Deutsche Bank is at real risk of failing to pay coupons on its additional tier one instruments, as a potential $14bn US RMBS settlement threatens to erase the bank's available distributable items (ADIs). Outstanding DB AT1 securities reacted accordingly last Friday, shooting nearly 200bp wider.

Rating: Aaa/AAA/AAA

A trio of top tier SSA names nipped through a narrow issuance window at the start of the week to launch tightly priced dollar benchmarks.

It is open season for repricings in the levloan market and lenders are feeling the squeeze. Two firms, one Austrian and one US, launched requests on Wednesday. They followed SIG Combibloc and Ineos Styrolution’s lead in exploiting ever friendlier conditions for issuers looking for cheaper debt, writes Max Bower.

Shares in Informa, the UK publishing and events company, closed 6% higher on Thursday after it launched a fully underwritten £715m rights issue to partially finance its £1.18bn takeover of Penton, the New York-based information services and business-to-business publisher, in a transatlantic deal which the company says will expand its reach in the global exhibitions industry.

Ineos-owned styrene manufacturer Styrolution tightened guidance on its €1.1bn refinancing on Thursday while altering the structure of the deal, in a market dominated by refinancings.

Winsconsin’s Spectrum Brands, the consumer products conglomerate ended a two day roadshow on Wednesday with the sale of euro notes that will repay dollar bonds, an uncommon transaction in the euro market.

UK supermarket chain WM Morrison Supermarkets, better known as Morrison’s, has triggered an extension option on its £1.35bn revolving credit facility.

The African Development Bank has printed a $1bn no-grow to, it is thought, cap off the week's flurry SSA dollar bonds before primary markets dry up ahead of the US rates decision next week.

National Grid Gas followed its £3bn Tuesday visit to the sterling market with a €750m eight year bond that completes its primary bond market financing ahead of its 2017 sale.

US coatings maker Axalta on Tuesday sold a €450m bond to redeem its 2021 euro notes, a month after it redeemed its 2021 dollars, cutting its coupon by 200bp.

A jumbo bond intended to refinance the debt of merged companies Quintiles and IMS on Wednesday added to a deluge of high yield issuance, with the market seeing €4bn of new bonds by Thursday.