NatWest Markets
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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. -
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.
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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.
