Barclays

British Telecommunications broke its long abstinence from the European bond markets on Tuesday, with a €1bn deal that was as enthusiastically received as bankers had long predicted the issuer’s return would be.

Only two issuers tapped the senior market this week despite syndicate bankers flagging up the days leading up to Thursday’s European Central Bank meeting as a prime window for issuance. Barclays was rewarded with a comfortably oversubscribed book for a long end print.

The Republic of Korea returned to the euro market for the first time in eight years on Tuesday, pricing a $2bn equivalent dual tranche trade that included a dollar leg. Bringing its first ever 30 year bond, the sovereign was able to create one of the flattest dollar curves of its peer group. But having been away from euros for so long, it was prepared to leave some money on the table for that tranche if needed, writes Isabella Zhong.

Baidu priced its third issue in the dollar market on Wednesday, a $1bn five year bond. The Chinese search engine operator again targeted US investors with the SEC registered notes — and the strategy paid off.

Guernsey could follow Jersey into the capital markets, with the bailiwick’s treasury minister considering a debut deal following Jersey’s inaugural debt sale this week. If Jersey’s more than twice oversubscribed debut is anything to by, Guernsey can expect a warm welcome.

Bond market luminaries from Deutsche Bank, BNP Paribas, KfW and Legal & General met on a panel at ICMA’s AGM event in Berlin to discuss whether debt capital markets, against a backdrop of tougher regulation, squeezed margins and skinny inventories, were really fit for purpose.

The Republic of Korea returned to the euro market for the first time in eight years on Tuesday pricing a dual tranche trade that also included a dollar leg. Out with its first ever 30 year bond, the sovereign was able to create one of the flattest dollar curves among its peers. However, it was happy to leave some money on the table for the euro tranche having been away for so long.

Standard Chartered this week took advantage of low supply in the sterling market and an attractively flat maturity curve between 15 and 20 years to print its first sterling tier two capital trade since 2008, bringing in a sizeable book and setting a final print at around fair value.

Standard Chartered is taking advantage of low supply in the sterling market and an attractively flat curve to print its first sterling tier two capital trade since 2008, bringing in a sizeable book and targeting a final print at around fair value.

The Republic of Korea opened the books for a dual tranche dollar and euro denominated issue on Tuesday. The SEC registered deal is the first dual currency transaction from Korea and from an Asian sovereign since 2006.

Barclays is the only financial in the market for senior debt on Monday, looking to benefit from investors’ hunger for yield by selling a 10 year bond. Syndicate bankers expect activity to pick up from Tuesday, with issuers likely to tap the market ahead of data releases later in the week.

Financiera Independencia (Findep) and Empresas ICA have both followed up new bond issues with strong responses to tender offers for outstanding notes as LatAm borrowers continue to capitalise on strong conditions and low rates to refinance existing debt.