Barclays
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Banks bombarded the dollar market this week with a rich variety of trades in what promises to be a busy run-in to the end of the year with investors still in the hunt for primary deals. -
The dollar bond market is wide open for companies to take advantage of strong demand and a rally in spreads, boosting hopes for a busy end to a record year for investment grade issuance.
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Banca Monte dei Paschi di Siena led a trio of speculative grade Italian banks into the euro bond market this week, as credit investors showed that no issuers were off limit in their increasingly desperate search for yield. Tyler Davies reports.
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Volkswagen International Finance “aggressively” priced through its secondary curve when it issued a €500m medium term note on Tuesday.
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Sub-investment grade Italian lenders Banco BPM and Illimity Bank were well-supported in the euro bond market on Thursday, as investors showed they were more than happy to look at riskier names in their search for yield.
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GardaWorld, the Canadian security company, made its final pitch for larger UK rival G4S on Wednesday, raising the offer to £3.68bn in a deal that will land the lenders up to £180m in fees.
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IWG, the London-listed operator of serviced offices and co-working spaces, has issued a £350m convertible bond as it prepares to take advantage of opportunities as the UK economy reopens after lockdown.
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Kommunalbanken, the financing agency for Norwegian municipalities, and L–Bank, the development bank for the State of Baden–Württemberg, built well covered order books as they brought what will likely be the SSA market’s final dollar benchmark deals of 2020.
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The UK’s SSE Renewables and Norway’s Equinor, two energy companies, have signed what lenders say is the largest ever offshore wind project financing, a £5.5bn package for a wind farm off the UK coast.
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Kommunalbanken and L-Bank will each bring a dollar benchmark to the market on Tuesday, in what could be the final public SSA deals in the currency this year.
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Electrocomponents, a UK electrical and industrial supplies company, has signed a £300m revolving credit facility, increasing the size of the facility being replaced as access to liquidity remains many companies' key consideration.
