Awards for Excellence 2018
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Whether it was corporates, sovereigns or banks; jumbo deals, debut issues or liability management, Barclays, western Europe’s best bank for financing, was omnipresent in western Europe’s bond markets this year. Having been involved in such a high number of the most important deals of the year, it is no surprise to see it leapfrog HSBC to the top of Dealogic’s debt capital markets league table for western Europe.
Barclays’ big corporate bond deals during the period included British American Tobacco’s $17.25 billion eight-tranche deal to fund its Reynolds American purchase; the £3 billion five-tranche real estate financing for Annington; a €4.5 billion trade acquisition financing for LVMH; and Enel’s $5.5 billion and $4 billion deals. It brought first-time deals for French electricity transmission firm CTE and for ADO Properties. It acted on a series of bond deals for Volkswagen, which broke records for their size.
Barclays’ sovereign and agency bonds included Spain’s €10 billion and 30-year deals, as well as repeat issuance for the European Financial Stability Facility. Its financial institution deals included additional tier-1 issues by banks such as CaixaBank (for the first time) and Santander (at a record low coupon); Just Group’s tier-3; and Nationwide’s core capital deferred shares offering. In high yield, it led PureGym’s £360 million bond and Miller Homes’ £425 million dual-tranche bonds, both debut issuers, among others.
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| Mark Lewellen |
Barclays was involved in some ground-breaking sustainable financings, including Belgium’s debut green bond and a debut $200 million green private placement for Icelandic national power company Landsvirkjun. Its Nordic business also included a debut hybrid bond for property company Akelius and a green hybrid for Danish energy firm Orsted.
In equity capital markets, Barclays’ deals included acting as joint global coordinator on Cineworld’s £1.7 billion rights issue, as well as numerous smaller UK deals. Further afield, Barclays acted as joint global coordinator on the €1.7 billion IPO of Bawag in Austria and on critical rights issues by Credito Valtellinese and Banca Carige in Italy.
Mark Lewellen is co-head of global debt capital markets and risk solutions.
