Barclays

The European Financial Stability Facility and Nederlandse Waterschapsbank on Tuesday brought euro benchmarks in five and seven year maturities. Now much more at those tenors is expected.

Spain has opened its funding year with a deal in the upper echelons of record sovereign deal sizes and an enormous book for the third year running. but it's the quality of investor the sovereign attracted this time that was most notable, according to bankers.

Nestlé brought a £100m tap to market on Tuesday, seizing the chance for an opportunistic trade that enlarged a bond issued in December.

Though financial institutions and public sector entities were busy issuing bonds on Tuesday, corporate issuance was quiet, despite the success of the only two trades so far this year and increased confidence that European markets can cope with Asia’s difficulties for the moment.

Ping An Life Insurance Company of China started building books for its inaugural dollar bond on Tuesday, while South Korea’s Woori Bank and China Energy Reserve and Chemicals Group are also wooing investors for their respective dollar deals.

Spain has mandated for its first deal of the year, but the sovereign has taken the rare step of bringing a syndication in the same week as it is holding auctions.

Both KfW and the Council of Europe hit the books in sterling-denominated deals that raised £300m apiece.

A bevvy of public sector borrowers are lining up euro deals for Tuesday and beyond — but some are opting to hold back price thoughts amid a cluttered and volatile backdrop.

Shire has signed an $18bn loan with two underwriters to fund the cash component of its $32bn acquisition of Baxalta, a pharmaceuticals company specialising in rare diseases. Syndication of the loan will begin swiftly, according to bankers familiar with the transaction.

BBVA, BFCM and BPCE met with strong investor demand for euro senior unsecured deals on Monday, as peripheral and longer dated debt proved no deterrent to buyers.

Intesa Sanpaolo is set to print the first additional tier one transaction of 2016 after opening the dollar tier two market for European banks last week, while ABN Amro opened the euro bank capital market on Monday.

Supranational and agency borrowers have long anticipated a wave of demand from American investors as US government sponsored enterprise issuance dwindles. But this week there were concrete signs that the dollar bond market has shaken off the problems that prevented the big switch. Craig McGlashan reports.