Barclays

The European Stability Mechanism is expected to dominate the new issue market next week when it brings its second benchmark of the year. The week contains only a short window of issuance for benchmarks but heavy redemptions over the last month should assure borrowers of strong demand.

Three periphery issuers took the limelight in the senior market this week — Banco Espírito Santo, Bank of Ireland and La Caixa all selling euro benchmarks. All three issuers can be pleased with their order books — La Caixa recording hefty demand and Bank of Ireland and BES impressing on quality.

Moroccan phosphate group OCP tapped the $300m 30 year notes it sold a fortnight ago for a further $300m on Monday, bringing the total deal size to $600m. The book for the deal reached over $1bn as investors enthusiastically bought more of the note that had tightened around 50bp in yield terms since pricing.

Flint Group, a maker of products and supplies for the printing and packaging industries, has widened the pricing on €1.55bn-equivalent of loans, hours before commitments are due.

Bank of Ireland highlighted the rehabilitation of financials from the eurozone's periphery in the eyes of investors on Wednesday by drawing a high quality order book for a new three year benchmark. La Caixa was also in the market with a comfortably oversubscribed three year bond.

Finnish oil refiner Neste Oil has signed a €1.5bn-equivalent refinancing facility with 20 relationship banks.

Bank of Ireland is set to sell its third senior unsecured benchmark since the financial crisis on Wednesday, choosing a three year deal. Meanwhile, La Caixa has drawn a strong response for a euro benchmark senior unsecured of its own.

CLP Power attracted a strong following from institutional investors for a hybrid perpetual non-call 5.5 year bond that was priced on April 29. The trade was intended to strengthen the issuer’s balance sheet following the announcement of big acquisitions at the end of last year.

Moroccan phosphate group OCP has tapped the $300m 30 year notes it sold a fortnight ago for a further $300m, bringing the total deal size to $600m. The book for the deal reached over $1bn as investors enthusiastically bought more of the note that had tightened around 50bp in yield terms since pricing.

Barclays’ most senior investment banker in the US is stepping down as the bank faces a regulatory deadline to overhaul its operations in the Americas.

Majid Al Futtaim and Abu Dhabi National Energy Company (Taqa) have continued the theme of United Arab Emirates borrowers issuing longer term paper, with both firms looking to price 10 year bonds on Tuesday.

CLP Power received a strong following from institutional investors for a hybrid perpetual non call 5.5 year bond that priced on Tuesday night. The trade was intended to strengthen the issuer’s balance sheet following the announcement of big acquisitions at the end of last year.