UK
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UK bank Barclays made its first trip to the Singapore dollar market on Thursday, grabbing S$200m ($147.5m) from an opportunistic transaction. -
Leveraged loan issuers used to call on direct lending players to pre-place small portions of their offerings, mostly second liens. But as direct lenders grow bigger funds, their appetite for loans is starting to impact entire deals.
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The updated Market Abuse Regulation (MAR) has been in effect for 18 months, but its force in the markets is due to burn brighter as regulators take hold of the data deluge generated by MiFID next year. And fixed income will be in focus for the first time.
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Repo traders convened this week in Brussels to rethink how to fix the plumbing of financial markets and mulled using other forms of collateral in the market.
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Rating: Baa1/BBB+/BBB+
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Rating: Baa1/BBB+/BBB+
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HSBC printed its first deal following the terms of its sustainable development bond framework this week, raising $1bn of new senior debt in the dollar market.
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The last time British Telecommunications (BT) sold sterling bonds, the global financial crisis was still to strike. It returned on Tuesday after more than 10 years away, issuing in euros and dollars, but investors were not as welcoming as the issuer may have expected.
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UK-based drinks manufacturer Diageo returned to corporate bond markets on Tuesday after three years without issuing in any bond market. The owner of brands such as Guinness, Johnnie Walker whisky and Tanqueray gin opted for a three year and long six year dual tranche offering on its return.
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Single digit new issue premiums had survived the secondary market weakness in corporate bonds of the previous few days, but on Wednesday Vodafone had to pay up as it sold a three tranche deal significantly wide of where its existing bonds were trading.
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UK debt collector Cabot Credit Management has abandoned its IPO on the London Stock Exchange, blaming unsupportive market conditions.
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On Wednesday morning, it was doom and gloom as secondary spreads had widened and only Vodafone dipped its toe into new issuance waters. But after a stable afternoon and a positive session in the US, Thursday morning brought calm.
