Barclays
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Four public sector borrowers sold intraday trades in the euro market on Monday with the European Financial Stability Facility making a dent in its second quarter funding and three other issuers receiving impressive demand for socially responsible deals under their updated frameworks. -
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Europe’s primary convertible bond market has reopened after the Easter break with two new deals on Friday from issuers with very different sector profiles.
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Esoteric names from the FIG market are expected to fill the post-Easter issuance pipeline to take advantage on the constructive market conditions on offer.
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Portugal syndicated a new 10 year bond on Wednesday, and drew parallels to deals from Italy and Spain deals earlier in the year as it aimed for a small new issue premium and an high quality order book rather than one of colossal size. But in order to avoid huge drops in the book by slashing the spread, as Italy and Spain had done, Portugal began the price discovery process at a tight level.
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European banks face tough conceptual and regulatory barriers as they enter the market for sustainability-linked debt. But DCM bankers hope that they can find a simpler solution for issuers by focusing on covered bonds, write Tyler Davies and Bill Thornhill.
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KfW and CPPIB Capital achieved super tight pricings in the short end of the US dollar market on Thursday, with the former bringing the first deal with a negative spread to mid-swaps in the currency by a public sector borrower this year.
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Athora Netherlands returned to the market after almost three years away on Thursday, raising €300m of tier two paper for the first time since its takeover by its Bermuda-based parent.
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Chinese electric vehicle manufacturer Li Auto has raised $750m from its debut convertible bond, pricing the deal at the investor-friendly end of the marketed range.
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BlackRock has signed a $4.4bn revolving credit agreement linked to gender and racial diversity metrics, becoming one of the most prominent companies globally to use key performance indicators focused on staff equality in its main bank line.
