UK
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Bond clearing house Euroclear intends to move its holding company from the UK to Belgium as it prepares for the “risks” posed by the UK’s departure from the European Union. -
On Wednesday, German business software company SAP printed a €1.5bn triple tranche deal at tight spreads following more than a year and a half without issuing, while American IT services firm DXC sold its first non-dollar deal.
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Hiscox, a London-listed insurer, opened books on a short five year senior bond in sterling on Wednesday, following a period of underperformance for market.
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Even allowing for the pause in European corporate bond issuance caused by the volatility of global markets early in February, the month's primary activity proved to be meagre. But investors are hoping the signs for March are better.
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UK aircraft services company BBA Aviation plans to refinance $903.4m-equivalent of bank debt early during this year, with a $650m-equivalent revolving credit facility first in line to be replaced.
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JP Morgan has promoted Silvia Viviano to become its new head of equity capital markets execution for EMEA, succeeding Chris Roberts, who left the bank earlier this year to join Moelis & Co.
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UK gaming group GVC Holdings has launched a £1.9bn equivalent loan facility into general syndication, as the company edges closer to its up to £3.9bn acquisition of Ladbrokes Coral.
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The Financial Conduct Authority on Monday said it had settled with former Deutsche Bank interest rate derivatives trader Guillaume Adolph, for manipulating Libor submissions, and fined him £180,000.
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Hiscox is gearing up to sell short five year funding in the sterling market this week, as new issue conditions have become increasingly volatile across currencies.
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Public sector borrowers hit new mid-swap spread tights for the year in dollars this week, but despite the enviable pricing on offer, bankers said that the currency was not offering the kind of super strong conditions that had been on offer last year. That might play in the mind of issuers lining up deals for next week — which is expected to be busy — with bankers saying borrowers might need to offer a little more concession than they have been used to.
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The total issuance of investment grade corporate bonds in February was an underwhelming €14.8bn but the property sector has outshone all others in 2018 and this week was no different as investors had further diversification to consider.
