Barclays

Shopping mall operator Unibail-Rodamco-Westfield priced a €2bn dual tranche bond from €7.2bn of demand on Wednesday, after fixed income investors were left unfazed by its shareholders blocking a rights issue earlier this month.

The International Development Association sold its first ever 10 year dollar benchmark on Tuesday, raising an impressive $2bn, sharing the market with a couple of shorter deals from European borrowers.

The International Development Association will hit the market on Tuesday for a 10 year dollar benchmark — the first since such deal Cades came in mid-October.

Barclays has become the latest bank to begin transitioning over the reset rates on several of its additional tier one bonds from Libor to Sonia. Unlike recent switchers Lloyds and Santander, Barclays has also opted to change over the reset rate on an outstanding dollar AT1.

Nederlandse Waterschapsbank and Kommuninvest will both take to the dollar market this week, sneaking in ahead of the Thanksgiving holidays.

Belgian insurer Ageas sold its first deal in almost a year this week, with the spread on offer helping to drive demand to more than three times covered.

High grade corporate bonds flew off the shelves again on Wednesday, with French computer game maker Ubisoft coming through fair value despite growing concern that the rush of deals would mean issuers paying higher new issue premiums.

As investors sought gold and silver as a hedge against inflation and uncertainty, investment banks with the capabilities to act in these markets benefitted. Some made more than $100m in precious metals in the third quarter, according to Coalition Greenwich.

Abertis Infraestructuras, the Spanish toll road company, got blowout demand for its hybrid capital issue on Tuesday, as appetite for riskier debt returned to the corporate bond market.

Dollars was the flavour of the day for public sector borrowers on Tuesday as three issuers headed to the currency, raising a combined $12bn. Two more SSAs will follow with dollar deals on Wednesday.

A pair of smaller names were tempted into the euro market on Tuesday, after Monday’s news that scientists have developed another successful vaccine for Covid-19 led to a further improvement of market conditions.

High yield property company Jingrui Holdings raised $240m on Monday as part of an exchange and new money exercise.