Barclays
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Mexico’s newly acquired single-A status helped it to hit unchartered territory for EM issuers this week when it sold a £1bn century sterling denominated bond in a deal driven by demand from UK-based investors, writes Oliver West. -
A trio of rare dollar issuers took to the short end of the curve this week, supplying investors at a point that has been starved of new deals this year. The Kingdom of Denmark drew the strongest response, beating out even the Bank of England in terms of demand and pricing at the same level.
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Italy’s first syndicated inflation-linked bond in nearly three years this week could help Spain enter the linker market for the first time, SSA bankers said this week.
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Virgin Media, the UK cable TV, mobile and fixed line telephone and internet group, has announced its first bond issue since the financing for its takeover by US cable investment group Liberty Global in February 2013. The deal is set to be the largest sterling high yield issue of 2014 so far.
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Energie Baden-Württemberg launched a very successful hybrid capital issue on Tuesday, raising €1bn to bolster the subordinated layer of its capital structure at blisteringly tight pricing, thanks to perfect timing after a drought of issuance.
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Insurance and pension fund demand is likely to drive further 20 year benchmarks after this week’s triumphant €5bn syndication from Belgium, SSA bankers argued this week. New appetite for the rare maturity particularly reflects the Solvency II directive, under which insurers’ holdings will be assessed using mark-to-market values up to 20 years, writes Craig McGlashan.
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John Deere Bank, the financing arm of the US agricultural machinery group, launched a rare five year floating rate note on Wednesday that found strong demand, as European investors warmed to a structure that will protect them against interest rate rises.
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Virgin Media, the UK cable TV, mobile and fixed line telephone and internet group, has announced its first bond issue since the financing for its takeover by US cable investment group Liberty Global in February 2013.
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State Bank of India is due to launch a $390m loan into syndication soon, increasing the size from the original $300m. At one point the loan was on track to be $420m, but this was scuppered when one lender dropped out of the top level.
