NatWest Markets
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With the return of stability to the euro public sector market, a new wave of borrowing hit this week. Four core European names brought syndications, some of which were able to access unusual or difficult tenors because of the higher rates on offer. -
French property companies were in vogue this week as Icade sold its fourth corporate bond in two years, further extending its redemption profile, while Mercialys, the firm spun off from supermarkets group Casino, saw its sub-benchmark deal 2.5 times oversubscribed.
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The public sector bond market in euros is in rude health thanks to the return of stability at higher yields. Two borrowers took advantage of the conditions to pull off smooth executions with skinny new issue premiums on Thursday.
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The sterling investor base can be stubborn one not listened to, as Swedish truck and bus manufacturer Scania found to its detriment when it launched its debut deal in the currency this week. Gatwick Airport and London & Quadrant had better receptions.
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After four euro new issues in two days, the sterling market took its chance for a day in the spotlight as two issuers chose to bring new deals while euro borrowers remained on the sidelines. However, despite the recent lack of issuance, investors pushed back on spreads being tightened.
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MUFG Securities Asia has appointed Royal Bank of Scotland veteran Pierre Ferland as its new chief executive officer, effective on February 20.
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SGG Group, the corporate and investor services firm based in Luxembourg and owned by Astorg, will fund its acquisition of UK peer First Names in the leveraged loan market, which has already enjoyed its busiest January ever in EMEA.
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French issuers ALD and Mercialys continued the triple-B theme of the week in the investment grade corporate bond market when the pair announced new deals on Tuesday. These followed three BBB+ rated credits on Monday.
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On Monday, the UK’s second busiest airport, Gatwick, sold its largest bond deal to date with a £300m 30 year trade. Investors were ready for the transaction after Moody’s announced its initial rating for the company the previous week.
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United Utilities became the third UK corporate issuer to sell a sterling bond in 2018, when it printed a seven year deal 24 hours later than initially planned. The company held an investor call on Monday, but then paused for a day due to global markets' volatility, before launching the deal on Wednesday.
