Barclays

A pair of SSAs hit screens with euro benchmark mandates on Monday — and bankers are confident that market conditions will stay bright to support even more expected supply.

Barclays began marketing a multi-tranche Samurai trade on Monday, as some FIG bankers claimed European banks were still baulking at the new issue premiums being offered by US visitors to the euro market.

Prabhat Dairy limped over the finish line with its IPO, with the Indian producer of milk and dairy products pricing the deal at the bottom of the range after being forced to extend bookbuilding and drastically slashing price guidance.

Barclays has strengthened its Asia Pacific coverage of the oil and gas sector with the hire of Jorge Martinez from HSBC.

State of North

Shares in Abengoa, the troubled Spanish renewable energy company, plunged again on Thursday and its credit default swap spread widened sharply, on unconfirmed reports in the Spanish press that banks including Bank of America Merrill Lynch, Citigroup and Société Générale had declined to underwrite its rights issue.

UniCredit Bank Austria (Baca) returned to the covered bond market on Tuesday to issue the first Austrian Pfandbrief since the country’s Financial Markets Authority (FMA) announced a debt moratorium on bonds issued by Heta Asset Resolution AG (HAR).

The euro market was treated to its first 10 year corporate deals in more than a month on Thursday, with Irish food producer Kerry and French utility Suez Environnement opening books.

French hotel group Accor showed that demand is strong for even weaker investment grade credits on Thursday, drawing a rush of orders for a new eight year benchmark.

Heineken, the Dutch brewing company, issued a €500m bond, tightening pricing as investors jumped on a rare issue by the company.

American Honda, the American subsidiary of the Japanese auto company, made its first euro appearance in two years on Thursday, becoming the second auto company to tap the euro market for fixed and floating paper this week.

Banque Fédérative du Crédit Mutuel opened the euro tier two market for a long list of names, as bankers sit on a pipeline that some say contains more than 20 transactions.