Barclays
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Europe’s high grade corporate bond investors had their pick of US names this week, with issuers cramming in to raise €7.2bn of debt across 10 tranches. -
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Hamburg Commercial Bank is aiming to establish a regular market presence as part of its post-privatisation transformation plan by following a senior deal on Tuesday with a return to a non-preferred format later this year.
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LondonMetric, the UK real estate investment trust, is marketing a private placement deal, according to market sources.
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International Public Partnerships, a UK listed infrastructure investment company, has refinanced a £400m loan to extend the maturity and switch the margin from the Libor benchmark, as lenders hope that other borrowers do the same rather than cram into the second half of the year.
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Barclays won plaudits for steering a 21 non-call 20 tier two into an extremely tight pricing level this week, following earlier examples from the large French banks. It accompanied its deal with the sale of some long dated senior paper.
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Enel, the Italian power and gas company, proved that demand still exists in euros for chunky hybrid debt with a €2.2bn dual tranche deal on Wednesday that saw more than three times oversubscription at peak demand and offered no new issue concession.
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KfW rebooted the short end of the euro public sector bond market on Tuesday with a well subscribed trade which offered a modest new issue premium. The deal shared the euro SSA market with the State of Baden-Württemberg’s debut green bond.
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Banco de Sabadell was met with good demand for the first euro additional tier one benchmark of the year on Tuesday, as investors welcomed a rare opportunity to pick up subordinated bank debt in the primary market. Alpha Bank could add to the supply later this week after unveiling plans for a new tier two transaction.
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Hamburg Commercial Bank (HCB) returned to the senior preferred market for the first time in 21 months this week, extending its maturity curve as it works on finishing a multi-year transformation plan following its privatisation.
