Barclays
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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. -
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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Institutional investors turned out in force for Slovenia’s euro market return on Wednesday, allowing the sovereign to tighten pricing by more than 10bp.
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Five banks raised more than $10bn in the senior unsecured dollar market this week, exploiting strong demand and at spreads that were in line with where covered bonds would have priced.
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HSBC and Santander UK found strong demand for senior bonds issued from their holding companies this week, revealing an opportunity for more deeply subordinated supply such as Nordea’s tier two benchmark.
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First-timer Far East Consortium International found markets plane sailing on Wednesday, managing to raise $300m thanks to no other high yield names distracting investors.
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Big bids from across Europe allowed Slovenia to tighten pricing by more than 10bp on its euro market return on Wednesday.
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The dollar market is set to remain the “darling” — in the words of one syndicate banker — currency in the coming weeks, after a trio of strong deals on Wednesday.
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General Motors Financial, the financing subsidiary of the US automotive giant, hit the European corporate bond market with speed on Wednesday as it issued a benchmark transaction.
