Barclays

The spread between double-B and single-B rated European bonds is at its widest since the aftermath of the financial crisis, as investment grade investors reach down to the top layer of high yield.

Caisse d'Amortissement de la Dette Sociale on Tuesday sold the largest sterling deal from a non-UK agency in over two years, as SSA bankers anticipated further sterling supply.

Abu Dhabi Commercial Bank (ADCB) is meeting investors in London next week for what is likely to be the borrower’s second dollar benchmark in six months.

A2A, the Italian multi-utility, pulled in a big book for a €300m 10 year bond it priced on Wednesday as part of a liability management exercise. The company launched a tender offer for €762m of notes due 2016 on the same day.

Wizz Air, the Hungarian budget airline, has received enough interest from investors to complete its €300m London listing, and will close the bookbuild a few hours early, at 10pm on Monday night instead of noon on Tuesday.

Cades on Tuesday sold the largest sterling deal from a non-UK agency in over two years, as SSA bankers anticipated further sterling supply.

Madrid mandated banks for a euro deal on Tuesday, with SSA bankers confident that Greece’s discussions with creditors will not impact other eurozone periphery borrowers.

OCI NV, the Amsterdam-listed Egyptian construction, fertilisers and chemicals group, has announced details of its plan to demerge its construction business, in a deal that could help revive Middle Eastern equity capital markets activity, which has been flagging this year since the collapse of the oil price.

TeliaSonera, the Swedish telecommunications company, has issued a €500m 20 year bond, extending its euro curve by two years. The deal posed a pricing challenge, as Telia's curve is inverted and of patchy liquidity.

Caisse d'Amortissement de la Dette Sociale (Cades) mandated for a sterling benchmark on Monday, a move that SSA bankers believe other issuers could follow this week.

Fabianna Del Canto, a managing director on Barclays fixed income syndicate, is to move to New York for the bank.

French oil company Total SA has mandated banks for a multi-tranche euro hybrid bond deal, after the drop in oil prices last year put the credit ratings of oil companies under pressure.