Barclays

This week’s CEEMEA deals were trading well in the secondary market on Friday morning. Abu Dhabi Commercial Bank’s $750m bond was almost 10bp tighter after being priced flat. Gazprombank’s 5.5 year transaction was slightly above re-offer, and Russian Railway’s nine year euro transaction was up after being sold against a particularly difficult backdrop.

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Pohjola Bank assumed the sole responsibility for euro senior unsecured supply this week as FIG syndicates had their first glimpse this year of an increasingly frustrating trend — banks turning down excellent issuance conditions because of reduced funding needs.

Covered bond bankers have developed a penchant for testing market appetite on days when key buy-side accounts are likely to be thinly staffed it seems.

Japan Bank for International Cooperation priced its first sterling benchmark in 17 years this week, and investors snapped up the opportunity to buy a rare name in sterling. JBIC, which will on-lend the proceeds to a UK rail project, could become a regular issuer in the currency as it is looking at financing more projects in the UK.

Russian borrowers undaunted by unrest in Ukraine are pushing on with issuance plans and largely being rewarded for their resolve. Gazprombank sold a four times subscribed transaction despite concerns about its Ukrainian exposure while Russian Railways printed a nine year euro bond only hours after Russian fighter jets were placed on high alert.

Hans-Joerg Rudloff is retiring as chairman of Barclays investment bank, a role he has held since 1998, overseeing the firm’s rise from also-ran to bond market titan.

The dam opened again in the US corporate bond market this week and a torrent of issues poured out, as companies emerged from earnings blackouts and turned the week into the busiest for corporate high grade issuance so far this year.

Abu Dhabi Commercial Bank closed the Middle East's first FIG deal of 2014 this week, pricing a $750m bond flat to its secondary curve. Bankers both off and on the deal had doubted how much international interest there would be given how tight Middle East spreads are relative to the rest of the CEEMEA market. But the final order book left no doubt about demand for the region in the face of EM uncertainty.

HellermannTyton, the UK cable accessories maker, has signed a €230m five year revolving credit facility to refinance its bonds and an €80m undrawn revolver.

Russian Railways opened books on a nine year euro bond on Thursday morning, after waiting four weeks from the end its roadshow to start execution. After such a long wait the choice of market window surprised some debt bankers away from the deal.

Mexican microfinance company Crédito Real has launched a tender offer for its outstanding bonds due 2015 just five months after postponing new issue plans.