NatWest Markets
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The sterling market had a healthy opening week in the public sector with three deals raising a combined £1.9bn, and there is plenty more in the pipeline, according to syndicate bankers. -
NatWest Markets has added three new members to its SSA team in an attempt to “beef up” its capabilities in the sector, according to Rom Balax, head of SSA syndicate at the bank.
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A pair of public sector borrowers blew away the cobwebs in the sterling market on Wednesday, printing a combined £1.5bn.
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The European Investment Bank has hit screens to announce its first benchmark of 2018 — a £1bn sterling tap.
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UK distribution company Bunzl and UK logistics property company Tritax Big Box REIT both met with investors in the UK in the first half of this week before launching debut bond deals on Thursday, while Anglian Water Osprey Financing launched a transaction straight after an investor breakfast.
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Both Gilt-edged market makers and investors predominantly support a reopening of the UK's 2048 inflation linked bond for its final syndication of the 2017-18 financial year.
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The three corporate bond issuers who sold new issues in euros on Tuesday offered something short, something intermediate and something long. The shorter tranches benefitted from the most interest.
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Liberty Living, the UK student accommodation provider, built a strong order book for its debut bond on Tuesday. It raised £500m, split equally between seven and 12 year tranches.
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Four new investment grade corporate bond issues in euros and one in sterling ensured European investors were much busier on Tuesday than they had been on Monday.
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In a very busy week in Europe's corporate bond market, with added noise from secondary market volatility, several issues were nevertheless priced quietly and efficiently.
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The last time British Telecommunications (BT) sold sterling bonds, the global financial crisis was still to strike. It returned on Tuesday after more than 10 years away, issuing in euros and dollars, but investors were not as welcoming as the issuer may have expected.
