NatWest Markets
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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. -
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.
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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.
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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.
