Barclays

Spreads have moved away from their tightest levels, but issuers do not seem put off. France will extend the flood of long end deals with its first 50 year OAT syndication in almost five years on Tuesday.

Banque Fédérative du Crédit Mutuel (BFCM) paid up to attract investors to its new preferred senior sterling deal on Monday. Although it was unable to match the quantity of demand set by a BNP Paribas non-preferred deal earlier this month, sources close to the deal were pleased with the quality of investors involved.

The dollar corporate bond market has a more subdued feel this week, after its stellar start to the year, as US issuers are moving into earnings blackouts. But even as politics took centre stage as Congress moved to impeach President Donald Trump for the second time, ahead of Joe Biden’s inauguration on January 20, corporate borrowers quietly churned out deals.

Rating: Aaa/AAA/AAA

Rating: Aa1/AA/AA

Barclays has hired Marie Freier as global head of ESG research.

Tight valuations in euros are making it difficult for banks to impress investors with new senior trades. Issuers may have to pay up or switch focus to other asset classes to make the most of the January market.

Rating: Ba2

Fundamentals are becoming more important again in Europe’s corporate bond primary market, but the power of the European Central Bank technical trade in the secondary market is quickly washing away new issue concessions.

Indonesia's Tower Bersama Infrastructure used its recent rating upgrade to entice investors to its $300m bond on Wednesday. Price discovery was not easy but the telecommunication tower provider’s improving business profile appealed to the market.

Wizz Air proved on Wednesday that markets are open for even those debut emerging market issuers in affected sectors. The European airline raised a benchmark sized bond in its inaugural euro transaction.

Komerční banka sold the Czech Republic’s first euro denominated benchmark covered bond on Wednesday, landing flat to the curve of its Slovakian neighbours despite the European Central Bank’s absence from the book.