Barclays

Eurobank on Thursday became the last of Greece’s big four banks to return to the capital markets after the country’s 2010 bailout. While the deal didn’t reach the blowout heights of some of its predecessors, it was received favourably and concluded a strong week of senior issuance that saw Dutch bank ING grab a hefty order book at an aggressive level.

A Federal Open Markets Committee meeting and a holiday in much of Europe this week made opportunities for dollar benchmark issuance few and far between. World Bank leapt into the narrow window with an unusual dual tranche deal that seared its curve and attracted enough demand for the issuer to increase it from its target size.

Barclays is set to issue £2.27bn equivalent of CRD IV-compliant additional tier one securities after completing its offer to exchange old-style tier one bonds on Friday, bringing the bank’s total outstanding volume of new-style AT1 to more than half its £7bn target.

Wm Morrison Supermarkets, the UK’s fourth largest supermarket chain, is preparing to issue a bond, after a period of bad publicity, when its results and strategy have been attacked by shareholders and in the press.

Nationwide opened books on Wednesday for the first post-crisis UK dual tranche covered bond, and only the second in that format from any jurisdiction this year. The successful outcome may help to establish dual tranche syndication for those issuers looking to raise large amounts of cash without compromising execution.

Alstom Auxiliary Components has widened price guidance on the second lien tranche of a €630m-equivalent loan, a week after offering more spread on its first lien term loan 'B' to attract lenders.

China Construction Bank (CCB) Asia is out in the market what bankers believe is the first dim sum bond to be issued in Switzerland as the bank deepens its involvement in the renminbi’s burgeoning presence in Europe.

Aluminium manufacturer China Hongqiao, opened books for its international debut on Thursday, with a three year dollar bond that is considered groundbreaking because of the rarity of the sector.

Chinese internet hosting company 21Vianet printed its second offshore renminbi issue on Wednesday, a Rmb2bn ($324.4m) three year bond. The unrated borrower appeared in the market after having launched a tender offer for its outstanding 2016s — and was able to shave 100bp off the coupon it had paid on that deal.

Coventry Building Society is out with its innovative debut additional tier one, looking to raise £400m in deeply subordinated capital that would convert to equity-like core capital deferred shares (CCDS) that won’t exist unless the building society’s common equity tier one ratio falls below 7%, according to investor materials seen by GlobalCapital.

Alstom Auxiliary Components has widened the price guidance on the second lien tranche of its €630m-equivalent loan, a week after offering more spread on its first lien term loan 'B' to attract lenders.

Hong Kong’s eSun Holdings printed its inaugural offshore renminbi bond on Tuesday with an unrated Rmb650m ($105m) four year issue that marked the first high yield trade in the CNH market this month.