Barclays
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The European Investment Bank has mandated banks to sell a bond in a part of the sterling curve that neither it nor any other supranational or non-UK agency has visited in three years. -
WPP, the UK advertising and public relations firm, came to the sterling bond market on Wednesday for a £400m 30 year issue that included a novel choice of bookrunner.
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Bank of Nova Scotia has issued the first sterling fixed rate covered bond since March 2015. The positive yielding five year tenor proved a more appropriate maturity than the prevailing 2026 slot which euro issuers have crowded into and the funding was cheaper than a five year dollar covered bond.
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Advent International and Bain Capital this week completed their second block trade of shares in Worldpay, the UK payment services provider, since its IPO in October last year, raising £987m via an accelerated bookbuild.
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Barclays has hired Tim Throsby, who is global head of equities at JP Morgan, to two senior roles, as chief executive of the corporate and investment bank, and president of Barclays corporate and international. Throsby will take up the posts in January, subject to regulatory approval.
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Unione di Banche Italiane’s (UBI) €1bn 10 year Obbligazioni Bancarie Garantite was priced tighter than UniCredit’s €1bn 10 year and well through BTPs, though it relied more heavily on domestic buyers.
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FTSE 250 bus and rail company Go-Ahead has signed a £200m bridge loan to insure against execution risk when it comes to refinance a sterling bond. A number of investment grade companies have been exercising precautionary liquidity management of late, said one banker in London.
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The European Central Bank could bring the shorter end of the euro curve back into play for public sector borrowers next week if it opts to cut its deposit rate once again, as super low yields led one market participant to describe a seven year euro benchmark by Finland this week as targeting the “short end” of the curve. Craig McGlashan reports.
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The Barclays chief has achieved a lot in a short space of time. His next big challenge is to appoint a head of the corporate banking and international division with the right blend of technical and client expertise, writes David Rothnie.
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After another week of a super solid dollar market, public sector bankers are starting to refer to the currency as “darling” — and all the signs suggest that the relationship is set for an extended honeymoon.
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