Barclays
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Slovenia has opened books for a long seven year benchmark bond for pre-funding purposes. It is taking the first available window after market participants had digested the results of the European Banking Authority’s comprehensive assessment — which found two Slovenian banks wanting.
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Mubadala GE Capital has mandated Barclays and Citi as global co-ordinators and joint lead managers and First Gulf Bank, HSBC, Natixis as joint lead managers for a dollar benchmark 144A bond.
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The primary covered bond market picked up after a week without any issuance, just as the European Central Bank’s third covered bond purchase programme (CBPP3) got underway. All four deals issued this week were ineligible for the programme which, from a pricing perspective, made more a difference than their preferential treatment under newly established liquidity rules.
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A pair of borrowers braved dollar issuance this week after volatility in US Treasuries last week led to a pair of undersubscribed deals. But so far the market recovery has taken the shape of a pair of ultra conservative German borrowers at the short end of the curve. Bankers will have to wait until next week to see an issuer test demand in the belly of the curve.
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German plastics firm Styrolution has widened pricing on its €1.05bn-equivalent five year term loan ‘B’, amid concerns from investors about the cyclical nature of its business. -
Bankers reacted with a mixture of scepticism and scorn this week to reports that the European Central Bank may be considering buying corporate bonds, as part of its efforts to restart the eurozone economy.
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More borrowers could follow a ground breaking deal from the European Stability Mechanism this week — a two year deal that is understood to be the first ever 0% coupon on a benchmark from a supranational or agency borrower.
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FMS Wertmanagement is open to opportunistic private placements ahead of the end of the year, after a $1.5bn long two year benchmark took it to nearly €11bn done of a 2014 funding target that it originally set out as €10bn.
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German styrenics producer Styrolution has widened pricing on its €1.05bn-equivalent five year term loan ‘B’, amid concerns from investors about its business model.
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Richard Boath will become chairman of Barclays' EMEA FIG business, leaving Ben Davey as sole head of EMEA FIG. The move comes following the departure of Allen Appen, head of FIG capital markets, to join Lloyds.
