Barclays

With increased activity in the euro investment grade and US high yield markets, bankers feel confident the European high yield pipeline should start making real progress, despite this week’s activity being restricted to a single roadshow.

Barclays looked away from euros on Friday as the bank priced a Samurai deal that made it the first bank to print yen denominated senior debt from the holdco level.

The Export-Import Bank of China (Chexim) introduced a new structure into Asia’s debt market this week, becoming the first issuer to sell bonds backed by loans. Some investors shied away from the unfamiliar format, but the Chinese policy bank raised $1bn from the dual tranche offering.

A pair of Asian agencies have tackled the long end in dollars, but despite attracting big order books and setting spreads at the tight end of guidance, bankers stressed the deals should not be taken as a sign that the dollar market is back to full strength.

Belgium is out with the longest dated deal from a sovereign, supranational or agency — outside the emerging markets — since February. And it is drawing a rip-roaring response which could encourage other issuers to look at the long end.

Asian bond issuers have finally decided to venture back into the market with a trio of investment grade names opening books to dollar deals. Export-Import Bank of China (Chexim), Shanghai Pudong Development Bank and Korea Development Bank are vying for attention in the first test of investor demand in three weeks.

British largest off-license chain Conviviality Retail has agreed to buy drinks wholesaler Matthew Clark Holdings with funds from £80m of term loans and a £130m share placing.

The European Stability Mechanism has added another chapter to the euro market’s autumn renaissance with the largest benchmark from a supranational or agency in 18 months.

Akelius Residential Property, the Swedish property group, was the only borrower roadshowing on Tuesday for a speculative grade bond in Europe, but bankers said investor feedback was positive.

OSN, the Dubai-based subscription television company, has signed its second syndicated loan for $400m, which was twice oversubscribed.

The Export-Import Bank of China (Chexim) has mandated banks for a US dollar bond, which will be issued under an MTN programme that comes backed by loans.

Telecoms company Telefonica was one of two Spanish corporates to tap the euro market on Monday. Gathering a solid order book despite a minimal new issue premium, Telefonica appeared unaffected by any concerns regarding upcoming elections in Spain.