Barclays

The European Financial Stability Facility surprised several market participants this week when it plumped for a rare 364 day syndication in its latest financing window. The issuer picked the ultra-short end of the curve to smooth its maturity profile.

Barclays has named Gary Posternack as head of global M& as its head of European M&A exits the firm.

Barclays this week moved to put a torrid period behind it by installing some of its most respected investment bankers into key positions in Asia, Europe and the US. The moves, which include the appointment of Reid Marsh to be co-head of Asia Pacific investment banking, were welcomed by bankers at the firm, who are keen for the upheaval sparked by the group's strategic review earlier this year to die down.

Bookrunners Barclays and CLSA announced guidance on the three year dim sum bond at 8.375% area. The deal is capped at Rmb575m ($93m) and bankers say that books are growing very well.

The telecoms branch of Spanish gas utilities group Gas Natural Fenosa is expected to launch a €295m term loan ‘B’ on Friday to finance its takeover by Cinven.

Motability Operations Group, the UK provider of cars and powered wheelchairs for disabled people, launched a 12 year bond on Wednesday and felt the headwind of a tough market. But an issuer of this quality was not going to face serious problems, and it raised £300m at a spread that on one method of analysis was flat to its curve.

Dexia Credit Local surprised syndicate bankers on Wednesday with the scale of demand it drew for a three year government guaranteed sterling print. A juicy spread compared to agencies that print in sterling allowed the issuer to easily surpass size expectations.

Searing investor demand for yield has set the stage for a widely expected second visit of the year to the bond market by Greece in the wake of a series of spread busting, oversubscribed deals and auctions for sovereigns and regions in the eurozone periphery this week.

Sumitomo Mitsui Banking Corporation (SMBC) priced another blowout $3bn four tranche dollar bond on July 8, its second this year. Although aimed at US investors, the bond also attracted strong demand from Asia and allowed bankers to price the deal flat to the borrower's existing curve.

Easing liquidity conditions after the passing of the quarter-end are expected to combine with China's improving economic outlook to support steepening momentum across the CNY swap curve. On these grounds Barclays has suggested a 1s/5s NDIRS steepening trade, writes Maia Ririnui of Total Derivatives.

Scentre, the new Australian listed property company that holds the Westfield Group’s Australian and New Zealand shopping centres, issued its first bonds today, and turned to the European market. Despite a weak day, it exceeded its target of €2bn, finding strong demand for a rare four tranche issue in euros and sterling.

Private healthcare group Generale de Santé will hold a bank meeting this week for a €1.75bn loan to back its takeover by Ramsay Santé.