Barclays

The European Financial Stability Facility enjoyed a calmer euro market compared to the last few weeks with its second benchmark this month on Wednesday — but still opted for a defensive tenor.

The public sector borrower market is enjoying stability after weeks of turbulence, with a pair of issuers trebling the number of euro benchmarks so far this month.

The European Financial Stability Facility has opted for a defensive maturity with a deal that should complete its funding for the second quarter of 2015.

Spain’s Electricity Deficit Amortisation Fund (FADE) has mandated banks for a first syndication in over a year — despite periphery eurozone yields suffering a rocky week.

South Korea’s Nonghyup Bank has mandated four banks to work on its upcoming international bond offering, which could come in the second week of June.

State owned China Energy Reserve and Chemicals Group opened books for a tap to a debut bond, which since its sale on May 5, has tightened by almost 60bp. The issuer is taking advantage of the strong secondary demand to raise additional funding.

While banks have engaged in some genuinely appalling conduct and been punished for it, the quantum of fines has become seriously disconnected from — well, anything. It is not just bad for bank shareholders, it is bad for regulatory credibility.

A dollar market that has been a haven for issuers avoiding the troubled euro sector is starting to show signs of congestion, bankers have warned.

US investors showed few signs of fatigue as they continued to pour cash into corporate high grade debt amid an unrelenting pipeline of dollar issuance this week.

General Electric became the latest US issuer to hit the euro bond market with a multi-tranche deal on Wednesday. Unusually, the bond was issued by GE itself, not GE Capital.

Electricity Supply Board (ESB), Ireland’s state electricity company, pulled together a hefty order book for a 12 year bond on Thursday — bucking a trend of long dated deals proving tricky.

Dealers representing more than 60% of the foreign exchange market have pleaded guilty to criminal charges in the US. Citi, JP Morgan, Barclays, Royal Bank of Scotland and UBS have all entered guilty pleas over their foreign exchange conduct on Wednesday.