Barclays

The corporate bond pipeline for September swelled rapidly over the course of this week, with no less than six companies hiring banks for roadshows in the near future.

The era of high valuations and low leverage means private equity firms are losing out to corporates in M&A, forcing them to overhaul their business models and look at consolidation, writes David Rothnie

NL Financial Investments, the organisation that handles the Dutch state’s shareholdings, has selected eight investment banks as bookrunners and co-lead managers for ABN Amro’s highly anticipated flotation.

One of the biggest borrowers in the public sector capital markets is gearing up to test demand in the belly of the euro curve, two days after a less than ecstatic investor response to a 10 year from Finland.

Public sector benchmark issuance snapped back after extreme volatility in credit and equity markets early this week, but bankers are concerned about the depth of demand in the currency.

Finland priced a €3bn 10 year deal a day after global markets were rocked by a big sell-off in Chinese equities. But the investor response to the deal had some bankers saying the issuer should have waited.

AngloGold Ashanti is offering to purchase for cash up to $810m of its $1.25bn 8.5% 2020s, surprising some analysts who had been expecting the company to wait until the call date on the notes next year to repurchase the bonds.

Barclays has promoted Alex Aram to head of credit trading for Asia Pacific and has added two new hires to the region’s credit team.

Changes to rules governing the composition of US credit index CDX HY will improve the product’s relevance to debt markets and help address its recent disconnect from cash bonds, said market makers.

The European Investment Bank opened up a new line in its Climate Awareness Bond product on Thursday.And despite paying little or no new issue premium was able to increase the deal’s size.

A Dutch agency re-opened the euro benchmark sector for SSAs on Wednesday, selling its largest bond in the currency for more than three years after opting for an intraday execution.

SSA issuers coming in dollars before the next US payroll data release on September 4 are likely to take a conservative approach — a route already taken by two borrowers this week.