Barclays
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Ingenico had never issued a bond before this week, but its name is becoming ubiquitous as a maker of card payment devices in shops. That recognition helped it make a successful bond debut on Tuesday, raising €450m at a spread comparable with peers’ secondary levels – without the concession that an unrated debut borrower would usually pay in a less bullish market.
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US corporate bond issuers had the whip hand this week, as US Treasury rates fell, issuance was in short supply and redemptions filled investors’ pockets with cash.
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Public sector issuers that ventured into dollars this week were inundated with demand, allowing them to bring a series of oversubscribed deals in the short to medium part of the curve. Others are tipped to follow if conditions are stable next week — after a stormy afternoon of trading across credit markets on Thursday.
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Bond investors are expecting Mexican construction company Empresas ICA to receive a strong response for a planned new bond after the company posted improved first quarter results.
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Encouraging Indian election exit poll results, a recent rating upgrade and rarity value all helped Bharti Airtel price a jumbo dual currency issue on Monday. Voracious investor appetite enabled the issuer to price flat to its existing curve, but ample leftover demand could see a replay of the hefty taps the issuer made last year, writes Isabella Zhong. -
State Bank of India has closed its loan at $554.5m, managing to gather enough demand during syndication to increase its borrowing from the launch size of $390m.
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Barclays has been hit by two more high profile departures just days after it announced swingeing job cuts to its investment banking business around the world.
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Bond investors are expecting Mexican construction company Empresas ICA to receive a strong response for a planned new bond after the company posted improved first quarter results.
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Five FIG issuers took to the subordinated markets to take advantage of months of undersupply this week, with the results highlighting not just the feverish grab for yield but also just how far banks have come since the crisis of 2008 in building their capital levels.
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Yankee banks returned to the dollar fray with opportunistic trades from Barclays and Westpac, with the UK bank mirroring a recent trend in euro deals by printing a long dated bond.
