Barclays

London-based insurance company Aon and defunct French mortgage lender Caisse Centrale du Credit Immobilier de France (3CIF) are taking advantage of the recent undersupply in the FIG primary market to price senior deals, with 3CIF tapping the short end of the maturity curve and Aon going long.

Barclays’ Asia Pacific chairman and chief executive Robert Morrice is retiring after 17 years with the bank. Andrew Jones and Eiji Nakai have been appointed co-CEOs for the region.

Export-Import Bank of China (Chexim) has opened guidance on a new multi tranche offshore renminbi bond.

Another day, another bond issue for Volkswagen, which plunged into the sterling market on Tuesday, only three UK working days after a €300m three year FRN that was tightly priced but did not set the world alight.

Flint Group, which makes products for the printing and packaging industries, has made final adjustments to the original issue discounts for its €1.5bn-equivalent of debt.

As Barclays results days go, today’s has not been too painful. The shares were down 4% by lunchtime, but that only took them back to their level a week ago. After the annual results in February, the shares fell 6.5% on the first morning.

Investors should look at selling euro high-strike payers as the high issuance of €-denominated structured notes that was seen in the first quarter of 2014 is expected to continue in Q2. Long-dated volatility may remain under pressure as a result, due to the greater supply of long-dated options from these notes, according to strategists.

Export-Import Bank of China (Chexim) is seeking to launch a multi tranche transaction into a CNH market that is quickly awakening from two weeks of hibernation. Alongside China Construction Power Corporation, it is among a number of issuers that have executed deals or announced mandates during the past week.

Ros Stephenson, chairman of the investment banking division at Barclays, has left the firm to join UBS, the second senior investment banker to leave the firm in the past week following Skip McGee’s departure last week.

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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.