NatWest Markets
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A long-awaited civil settlement with the US Department of Justice this week could prove to be a boon for Royal Bank of Scotland, which has had the risk of heavy fines looming over it for some time. -
The UK Debt Management Office has announced the banks that will run the orderbooks for its first syndication of the new funding year.
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Engine manufacturer Rolls-Royce returned to the European corporate bond markets on Wednesday after a break of nearly five years. The British company sold a €1.1bn dual tranche deal which extended its maturity profile in euros.
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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. Meanwhile, Bank Nederlandse Gemeenten (BNG) received less interest in a sterling trade of its own.
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KfW drew its largest ever benchmark book this week while visiting the seven year tenor, a part of the euro curve that has been red hot for issuers for several weeks and that SSA bankers still has plenty to offer borrowers next week. The European Financial Stability Facility (EFSF) is lining up a deal for next week, although bankers are suggesting it looks at the long end.
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The sterling corporate bond market has been less busy year to date than it was in 2017. However, the property sector has continued to be one of the largest contributors of supply and, on Thursday, Grainger added its name to the list of issuers from the industry.
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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.
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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.
