UK

Barclays sold its first green bond transaction this week — a callable senior deal from its holding company — as two more financial institutions said that they would hit the road with new green bond frameworks of their own.

The sterling corporate bond market took until Wednesday to join the issuance frenzy the euro market had enjoyed in the first half of the week, but three deals in two days reminded issuers and investors that it is still an option to be considered into the end of 2017.

The UK Debt Management Office has broken its record book size yet again and brought in a new high of 144 investors with a deal that amazed bankers away from the trade.

The International Swaps and Derivatives Association on Thursday revealed that it is once again accepting applications for the role of Determinations Committee secretary, a body that carries out administrative duties for credit derivatives committees.

Shares in ContourGlobal, the emerging markets-focused power producer, managed to stay above their IPO price all day on Thursday after they began trading on the London Stock Exchange.

Sparebank 1 Boligkreditt and Santander UK unearthed solid demand in the sterling covered bond market this week as the Norwegian issuer priced its first in the currency.

J Sainsbury, the UK supermarket chain, has refinanced a revolving credit facility with a new, larger revolver amid a far rosier picture for the company than when the last deal was signed.

On Thursday, the sterling corporate bond market reminded participants it was still going strong after the euro market had dominated the first half of the week. Petroleos Mexicanos, also known as Pemex, and Western Power Distribution followed the success of Wednesday’s deal from Manchester Airport.

After a three day blitz of new issues in the investment grade euro corporate market, the sterling and Eurodollar markets stepped up on Thursday as euro issuance eased off from the pace of previous days. Investors had four benchmark and two sub-benchmark deals to consider.

Leveraged loan issuance is set to outpace sales of new high yield bonds with a surge this year, pushed by a varied array of borrowers seeking not just tighter margins on old debt, such as US chemical group Angus this week, but also funding for acquisitions, as with Nordic travel operator Etraveli.

Amid all of the hand-wringing about the advent of the Markets in Financial Instruments Directive on January 3, there are some firms which are set to be clear winners, and welcome the start of the controversial regulation.

If the only benchmark euro deal on Thursday had been true to its roots, it would have built a waiting list rather than an order book. But demand still far outstripped supply when Italian luxury sports car manufacturer Ferrari sold its second corporate bond issue.