Lloyds Bank

High Speed Rail Finance, the financing vehicle for the High Speed 1 (HS1) project — the train line between London and the channel tunnel to France — said on Monday it was planning on issuing £314m of private placement notes.

Banks are poised to seize this year’s best window for new regulatory capital issues after the Federal Reserve decided against lifting interest rates this week. With primary activity down $15bn on 2015 in Europe and secondary markets reacting positively to the Fed, investors are expecting supply across all asset classes.

National Bank of Canada (NBC), rarely seen in the covered bond market, issued a seven year deal on Thursday and although it offered virtually no concession, it was highly subscribed.

National Bank of Canada issued a rare seven year euro covered bond on Thursday and although it offered virtually no concession, it was highly subscribed, despite secondary market profit-taking.

Toyota Motor Credit, the financing arm of Toyota, revved into the sterling bond market for the first time in five years on Tuesday as it printed a £500m ($649m) deal that attracted international demand.

UK supermarket chain WM Morrison Supermarkets, better known as Morrison’s, has triggered an extension option on its £1.35bn revolving credit facility.

US car rental group Hertz on Monday opened a two day roadshow for euros to refinance part of the debt of its European division and fund its operations.

Bank of Nova Scotia issued the first sterling fixed rate covered bond in 18 months in a larger than expected size and at a funding level that was not possible in either euros or dollars.

Bank of Nova Scotia has issued the first sterling fixed rate covered bond since March 2015. The positive yielding five year tenor proved a more appropriate maturity than the prevailing 2026 slot which euro issuers have crowded into and the funding was cheaper than a five year dollar covered bond.

UK distressed debt buyer Arrow Global this week returned to the market, after selling euros in April, with a refinancing deal to repay in full its 7.875% 2020 notes.

Sirius Minerals, the company developing a potash mine in North Yorkshire, has mandated six banks to arrange $2.6bn financing for the project.

The subdued US private placement (USPP) market could be set to for a rush of deals in September, enlivening what has been a quiet year, writes Robert Cooke.