Barclays
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The European Stability Mechanism took a novel approach to the sale of its shortest dated bond to date on Tuesday, printing a two year deal with what is understood to be the first ever 0% coupon on a benchmark from a supranational or agency. Agence Française de Développement is set to mimic the ESM’s tenor on Wednesday, after mandating banks for a long two year on Tuesday afternoon. -
KfW had to keep books open for longer than it is used to when selling a three year dollar benchmark on Tuesday, but it still impressed bankers by getting the trade away at a tight level. Viewed as a deal breaker for other issuers to come in dollars this week, KfW’s success meant that more trades could join FMS Wertmanagement, which mandated banks for a two year deal on Tuesday afternoon.
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German styrenics supplier Styrolution will extend the initial Tuesday deadline for commitments on its €1.05bn-equivalent term loan ‘B’.
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The European Stability Mechanism has opted to sell what will be its shortest dated bond to date on Tuesday, after mandating banks for a two year bond on Monday afternoon. Meanwhile, the State of North Rhine-Westphalia grabbed some funding at the long end of the curve.
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Chinese company VeriSilicon Holdings is aiming for an IPO worth at least $75m on the Nasdaq, and has filed a preliminary prospectus with the US’s Securities and Exchange Commission.
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UK car breakdown recovery firm RAC set out price guidance on its £1.25bn loan at a London bank meeting on Thursday.
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The Guinness Partnership, one of the oldest and largest of the UK housing associations, issued a £150m bond on Thursday, in the aftermath of one of the most turbulent days in the bond market for years.
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Market volatility and a sharp downturn in sentiment kept FIG supply light this week, with just Deutsche Bank choosing to access the market in euros, tapping a seven year note. Expectations are for supply to stay light given the sudden sell off across many asset classes that followed weak US data on Wednesday afternoon.
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UK car breakdown recovery firm RAC marketed its £1.25bn recapitalisation and refinancing loan to lenders on Thursday, signalling that the leveraged loan market is battered but still functioning.
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A pair of dollar deals in the sovereign, supranational and agency sector failed to cross the line this week, coming on a day when turbulent US Treasury markets made book building tough. Issuers lining up deals for next week may have to be prepared to pay more of a new issue premium because of this week’s tricky conditions.
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Primary issuance in covered bonds slowed this week with just one deal emerging on Wednesday from Canadian issuer La Caisse Centrale Desjardins du Quebec (CCDQ).
