NatWest Markets
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The European Investment Bank has hit screens for the first sterling floating rate benchmark designed for a post-Libor world. -
German chemicals producer BASF found overwhelming demand for its first sterling corporate bond of 2018 this week. The issuer’s £250m ($330m) offering was more than six times oversubscribed on Thursday, as sterling investors clamoured for a rare non-UK credit.
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Quantitative easing, perhaps the single most important factor affecting bond prices over the past three years, could be coming to a long awaited end this year. Members of the European Central Bank governing council seemed to hint as much this week, causing govvie spreads to gap wider, writes Lewis McLellan.
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The market for unsecured bank bonds is beginning to find its feet again following trades from SBAB Bank and NatWest Markets on Thursday.
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Rentenbank on Tuesday sold what Dealogic data shows is its largest ever euro benchmark, while the State of North Rhine Westphalia visited the long end of the curve.
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The UK’s Pantheon International (PIP) has signed a £175m-equivalent four year revolving credit facility, as the investment trust continues a cash generative phase in which it is seeking to fund new investments from internal cash resources.
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On Monday, Volkswagen reopened the euro corporate bond market after a blank week. The German car company’s financial arm was the only corporate issuer to brave the market on the day and, despite issuing a €1.5bn triple tranche deal, kept its longest maturity at six years.
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German energy supplier Innogy found the corporate bond market tough going for its latest new issue, despite marketing its deal for two days. However, it did execute the deal in a week that saw two corporate bond deals pulled, and despite an M&A shadow hanging over the company.
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GlobalCapital announced the winners of its Bond Awards 2018 on Wednesday night at our 11th annual Bond Awards dinner, at the Jumeirah Carlton Tower in London. Some 280 people were there to see the brightest and best performers in the international bond markets in the past year crowned.
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On Wednesday, US electrical appliance manufacturer Whirlpool became the second investment grade corporate borrower to pull a deal in a week. German energy company Innogy and Whirlpool both found the corporate bond market tough going on Wednesday, despite having employed two-day marketing strategies. Whirlpool, however, took the hardest hit.
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Real estate services company Savills is looking to sell inaugural US private placement notes.
