The International Swaps and Derivatives Association said Wednesday that its board of directors had ordered consultations on possible changes to the handling of credit defaults.
Only two corporates dipped their toes into the European investment-grade market after last Monday, as the recent torrent of supply started taking its toll, impacting premiums and books, and pushing spreads wider in the secondary market.
Finnish telecoms operator DNA made a timid approach to the market on Tuesday last week, coming with a €250m no-grow seven-year that will refinance its outstanding €100m 2.625% November 2018s and its €150m 2.875% March 2021 notes, which were subject to a tender offer.
Euroclear Investments is gearing up for a maximum €700m two-part outing that could come this week and will include a hybrid tranche.
Virgin Media revived the sterling high-yield market with a new receivables financing notes offering last week.
Land Securities has picked Lloyds and NatWest as global coordinators for a nine-year benchmark and a potential sub-benchmark tap of its 2.399% 2029S.