Barclays
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KfW was set to print its third euro benchmark of the year on Wednesday as GlobalCapital went to press and SSA borrowers rush ahead of next week’s European Central Bank meeting.
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The recovery in Europe’s corporate bond new issue market continued on Wednesday, with three successful issues — one each in sterling, euros and Eurodollars. By far the largest was the return to its home market of Motability Operations, the non-profit organisation which provides cars and other vehicles to disabled people in the UK.
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Mauser, the German industrial packaging producer, has priced its €100m incremental term loan in line with guidance.
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The SSA market has seen a deluge of deals this week as issuers in both dollars and euros look to raise funding before the European Central Bank and the US Federal Open Market Committee meet in coming weeks, which could cause disruption.
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The World Bank on Tuesday mandated for a dollar benchmark, as action in the market heated up in anticipation of the Federal Open Market Committee’s meeting on March 15-16.
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KfW is set to print a 10 year euro benchmark, following in the footsteps of Belgium and Finland, this week as issuers attempt to conclude funding before the European Central Bank’s meeting on March 10.
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Barclays' new chief executive is asking shareholders to have a lot of faith. Selling off a profitable part of the business to double down on a less profitable line is a bold call. The market can't be this bad forever, but don't expect the dividend back any time soon.
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Barclays shareholders are used to the share price plunging on results day, but Tuesday's 10% fall by noon was a lot worse than usual. The main shock of the first results since Jes Staley took over as chief executive in December was a 54% cut in the dividend for 2016 and 2017.
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Barclays offered to buy back up to €8bn of operating company debt on Tuesday, having reiterated in its annual results a commitment to restructuring its investment bank around a holding company funding model.
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Scotland Gas Networks came to the sterling bond market on Monday with a £250m 11 year offering that was nearly twice subscribed.
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The European Investment Bank is to hit the dollar market with a five year benchmark, its second print in the currency this year, as issuers continue to focus on the short end of the curve.
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Two European sovereigns mandated for benchmark bonds in euros on Monday leading what is expected to be a scramble to get in and out of the primary market before the European Central Bank meeting on March 10.