Barclays

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.

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.

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.

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.

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.

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.

Mexican government-owned oil company Pemex will visit European investors next week on a non-deal roadshow, a source close to the borrower said.

German wind-up agency FMS Wertmanagement priced on Wednesday afternoon the first benchmark in two weeks to come at the tight end of guidance.

Turkish consumer products company Yasar Holdings is embarking on a roadshow with Barclays and Citi. Investor meetings for the deal start in London on Friday and take place in the US on Monday, Tuesday and Wednesday.

Three issuers, two of them US banks fresh from earnings releases, announced deals to a buoyant euro denominated senior unsecured market on Wednesday.

Sovereign, supranational and agency bankers are waiting for a borrower — possibly Sweden — to attempt a benchmark in the belly of the curve to test the strength of sentiment after extreme volatility in US Treasury markets last week led to a pair of undersubscribed deals in dollars.