Europe

National Grid, NatWest and Roche lead a broad mix of issuers this week

Fragmentation, red tape and political friction hamper the bloc’s efforts to build banks that can compete globally

The issuance calendar between now and spring promises rain. Negative carry is the price of staying dry.

Bankers expect more currency diversification but the biggest wave of isusance may still be to come

Tech-focused investment company uses new mechanism to suspend trading as it offers shares as part of a $100m capital raising and investment programme

◆ UK utility follows Canadian dollar deal with Swiss debut ◆ Deal offers savings versus euros ◆ Investor limits leave no room for further tightening

Banker is moving to Greece as focus grows in connecting its capital markets and banking sector to international investors

◆ Deal follows same structure as SEB's Monday trade ◆ Market conditions made for 'easy' go/no-go decision ◆ Low new issue premium

Bankers expect some supply next week before a proper reopening beginning August 24

UK public equity markets are easier to use after recent reforms, but now comes the hard task of stimulating activity

◆ Capital trade attracts investors for juicy return in tight market ◆ Slightly longer 11NC6 structure chosen for triple digit spread and 4%-plus yield ◆ Deal cleared at low single digit concession

Industry welcomes reform, but questions whether single-sided reporting will make a difference