Barclays
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Barclays funding boss joins UK rival as part of DCM reshape -
Investment grade corporate debt market revs up for risk as subordinated trades mark first supply in a fortnight
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Newly created roles to help grow bank's European rates franchise
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Other banks could be encouraged to follow the UK-based borrower in running tender exercises alongside new additional tier one issues
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"We want to use this change of structure and these new leadership roles to foster this multi-product solutions mentality," Pete Mason tells GlobalCapital
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Standard Chartered opened books for a dollar additional tier one (AT1) bond on Tuesday, pairing the new issue with an early tender for its perpetual non-call April 2022 note.
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Becton, Dickinson and Co, the US medical technology company, has launched a tender offer on three dollar bonds, after announcing a multi-tranche outing in the euro market.
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Large European banks are tipped to bring their deal plans forward after they saw Barclays make the most of summer funding this week. The UK issuer proved firms will not have to wait until September to be confident of attracting big books at tight spreads.
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Deal arrangers think the dollar market will still be the "place to go" for European banks considering short-dated funding after summer, amid uncertainty over the outlook for US rates.
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Indian telecommunications company Summit Digitel Infrastructure made its debut in the dollar market this week, appealing to investors in the US and Europe that were keen to buy highly rated notes.
