NatWest Markets
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The World Bank is set to become the latest public sector borrower to visit the sterling market, following the European Investment Bank’s £1bn trade on Tuesday. -
Execution in the euro SSA market keeps getting better. New issue premiums are sliding as market participants adjust to new yield and spread levels, according to bankers and issuers.
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The euro market, despite an increasingly hawkish central bank and strengthening euro, is proving immensely popular with borrowers. A pair of sovereigns hit screens on Monday for euro trades, as did two Nordic agencies.
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SSAs enjoyed a fine week in the sterling market, raising a total of nearly £2bn as bankers pointed to several factors that could be driving demand.
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Italy and Portugal showed this week that any concerns about the pace of eurozone quantitative easing halving to €30bn from January were overdone as they each built their largest ever benchmark books. Italy’s trade was particularly notable, as it was the last syndication by its retiring head of funding — and market stalwart — Maria Cannata.
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UK property website operator Zoopla announced the first deal of 2018 in the European high yield market this week, a sub-benchmark sized bond in sterling.
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A combined €48bn of cash swelled the orderbooks for Italy and Portugal’s deals on Wednesday, dispelling any fears that the reduction of the European Central Bank’s quantitative easing programme would hamper demand.
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On Wednesday French toll road operator Autoroutes du Sud de la France followed the path its compatriot Orange had taken on Tuesday by issuing a €1bn 12 year new issue. Meanwhile Italian auto finance bank FCA Bank was also in the market with its first benchmark floating rate note.
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January’s impressive pipeline of sovereign issuance is starting to unload, as Italy and Portugal hit screens on Tuesday for their first syndications of the year.
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A former interest rate derivatives trader at Royal Bank of Scotland, Neil Danziger, was fined £250,000 by the Financial Conduct Authority on Monday for allegedly trying to manipulate Libor.
