NatWest Markets

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.

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.

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.

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.

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.

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.

Real estate services company Savills is looking to sell inaugural US private placement notes.

The UK Debt Management Office again broke a couple of syndication records as it extended the Gilt curve on Tuesday, but onlooking bankers felt the real story was how the underlying Gilt curve behaved through the deal.

The UK’s Low & Bonar has signed a new €165m five year revolving credit facility, refinancing early a same sized revolver that was due to mature in July next year.

The UK Debt Management Office on Tuesday extended the conventional Gilt curve while breaking two of its syndication records. Bankers off the deal hailed the “great result”, while leads highlighted that the deal was already performing in secondary just a few hours after pricing.

Infrastructure investor Sequoia Economic Infrastructure Fund (SEQI) has used an equity placing to repay the bulk of a drawn down revolving credit facility, maintaining a capital plan the company flagged at the end of last year.

The Bank of England avoided bringing any surprises before the UK Debt Management Office sells its first syndication of the 2018-19 financial year next week as it kept its base rate on hold on Thursday. But some analysts are warning that investors may be overconfident of a hike later this year.