Barclays

The Republic of Ghana has set dates for a European and US roadshow for its new Reg S/144A Eurobond.

Whether it is because investors have full faith in the eurozone periphery recovery story, are desperate for yield or a bit of both, there was little doubt this week that sovereigns in the region will be able to extend their average maturities in the coming months.

Sri Lanka’s National Savings Bank (NSB) made a stellar return to the market on September 2 as its rarity enabled bankers to tighten initial guidance by 35bp and drove pricing well inside where the bank’s debut bond came in 2013.

British cigarette maker Imperial Tobacco has secured financing for its $7.1bn acquisition of brands from Reynolds American, and refinanced its existing revolving credit facilities.

Mobile phone maker Xiaomi has opened its $1bn dual tranche loan into general on Tuesday afternoon, after cementing a bookrunner and mandated lead arranger group of 20 banks.

Sri Lanka’s National Savings Bank (NSB) has opened guidance on a new dollar bond which is capped at $250m. Rarity in terms of both credit exposure and deal size should mean that the bond receives plenty of orders, according to bankers.

Associated British Ports, which owns and operates 21 ports in England, Scotland and Wales, has refinanced the last of its batch of loans signed in 2011 with £400m of new revolving credit facilities.

Travis Perkins, the UK building materials supplier, plans to launch what is believed to be its first public bond, with a benchmark sterling deal rated BB+ by Standard & Poor’s.

Mergers and acquisitions are set to be an important driver of corporate bond issuance this autumn. Deal mandates are already building up — in fact, M&A is the driver for virtually all the deals that have yet appeared in Europe’s corporate bond pipeline this season.

Svenska Handelsbanken prefaced what is expected to be a busy September for Samurai issuance on Thursday. The issuer drew an oversubscribed book for a five tranche deal, with more deals expected to follow as issuers look to take advantage of a favourable basis swap.

Ghana is expected to undertake a liability management exercise on its $750m 8.5% 2017s alongside a new Eurobond it is planning for September, said a banker away from the deal.

Svenska Handelsbanken sold its second ever Samurai print on Thursday, drawing a comfortably subscribed order book for a five tranche deal. BNP Paribas is expected to follow the issuer into the yen market next week, helping boost an already strong year for Samurai volumes.