NatWest Markets
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Richard Gathercole has been appointed as a director in high yield sales at NatWest Markets, the capital markets division of Royal Bank of Scotland, where he has had several roles in speculative grade and distressed debt since 2007.
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The UK’s International Public Partnerships has amended and extended its £400m bank facility, keeping the sterling loan market going at full pace after it recorded its busiest quarter in five years at the end of June. -
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Sovereign, supranational and agency borrowers were out in force this week, but the second busiest week of the year for euro funding was notable for the lack of price tension on many deals.
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There was a smattering of sterling deals from public sector borrowers this week, as the biggest issuer in the currency — the UK Debt Management Office — provided details for its next syndication.
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Spain’s Masmovil has completed a second round of refinancing on its bank loans, shaving a further 100bp off the cost of its total debt pile and ramping up the size to €831m.
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The European leveraged loan market is starting to look a lot like it did in May, with a table full of multi-billion deals and bankers concerned about how much this spike in issuance could play into investors’ hands.
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Two euro borrowers launched benchmarks on Wednesday, sharing the SSA euro market. While both secured successful deals, one found the market tougher going, as investors pushed back.
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The UK’s Porterbrook has signed £885m in bank financing from a syndicate of 11 lenders, with Moody’s giving the rolling stock company’s senior debt a Baa2 rating.
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Sweden’s SSAB has ramped up the size of its euro denominated revolving credit facility to €600m, as the high strength steelmaker becomes the latest beneficiary of the liquidity flooding the loan markets.
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A pair of borrowers have hit screens for euro benchmarks to be sold during Tuesday’s session, but another nipped in ahead of the rush to price on Monday.
