NatWest Markets
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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. -
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.
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UK property company Hammerson has signed a new £1.5bn three year revolving credit facility, bringing in a dozen banks for a financing aimed at slashing the funding costs of its acquisition target, Intu.
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The auto finance arm of General Motors opted for short maturities to try to ensure the success of its first bond sale of 2018, but the €1bn dual-tranche deal only received orders of €1.7bn and the lead managers were only able to tighten one of the tranches from initial price thoughts.
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The auto finance arm of General Motors opted for shorter maturities to try to ensure the success of its first bond sale of 2018 on Monday. But the €1bn dual-tranche deal only received orders of €1.7bn and the lead managers were only able to tighten one of the tranches from initial price thoughts.
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It was no surprise to many market participants that Friday saw no new issuance in the corporate bond market after the busiest week of 2018. The conundrum to be solved now though is how the jumbo issuance will affect conditions in potentially the final full week before Easter.
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Guarantors: Kingdom of Belgium (51%), Republic of France (46%) and Grand Duchy of Luxembourg (3%)
