NatWest Markets
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KfW took home €5bn in the seven year part of the euro curve, which has been red hot for a few weeks, with bankers citing low second quarter supply as particularly supportive of conditions and suggesting there is plenty more interest for further trades in the tenor. The European Financial Stability Facility is lining up a deal for next week — although bankers are suggesting it looks at the long end. -
KommuneKredit took a novel approach to its sterling issuance on Tuesday, adding a switch operation to print its largest ever new issue in the currency. Bankers believe other issuers may use the tactic.
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French parking company Infra Park sold a new 10 year bond on Thursday to refinance calling a short dated bond and reimbursing a shareholder loan.
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A trio of euro borrowers picked up a combined €8.5bn on Tuesday, seemingly without testing the limits of demand in the market.
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Moody’s trimmed its ratings for Barclays and Royal Bank of Scotland this week, citing concern about the impact that ring-fencing regulation could have on the banks’ creditors.
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Nationwide Building Society issued its first sterling covered bond for two years on Thursday and showed that demand for the product was still strong as it picked up £1bn of five year funding.
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Volatility from several sources has driven investors into core govvie products, causing curves to rally. Only one issuer was positioned to reap the benefits.
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France’s inflation linked bond issue on Wednesday drew the nation's largest book ever for a linker bond, in spite of a curve squeezed tight by volatility.
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Europe’s corporate bond new issue market is distinctly subdued as Easter Week begins. Investors, issuers and banks alike feel the market could do with a gap to digest the very heavy issuance earlier this month. This week brought two liability management deals, one with a new issue.
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JD Sports, the UK casualwear company, is set to break into the US market by buying Finish Line for around $558m. The acquisition will be financed in the loan market.
