Barclays

Barclays’ plan to cut its exposure to African operations has left emerging market bond and loan bankers puzzling what future the firm has in the region — historically one of its areas of strength within CEEMEA — but it will leave the UK firm better capitalised.

A shocking February in which two proposed deals failed to emerge seems to have killed off the European high yield market. It still has its champions, who insist brighter things are in store, but there are plenty who doubt whether a reopening is in sight, writes Max Bower.

Five year bonds continue to dominate the public sector dollar market, with the World Bank and European Investment Bank securing oversubscribed books at what is proving to be the sweet spot for the currency.

British Telecommunications plc (BT) on Thursday joined the surge of blockbuster multi-tranche deals that has hit the euro bond market since mid-February as it raised €3.9bn of bonds across three tranches.

Barclays wants to put its restructuring behind it once and for all. That will require someone of great skill to succeed its outgoing investment bank boss and silence the doubters, writes David Rothnie.

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.

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.

Mauser, the German industrial packaging producer, has priced its €100m incremental term loan in line with guidance.

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.

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.

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.

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.