NatWest Markets

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.

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.

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.

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.

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.

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.

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.

Single digit new issue premiums had survived the secondary market weakness in corporate bonds of the previous few days, but on Wednesday Vodafone had to pay up as it sold a three tranche deal significantly wide of where its existing bonds were trading.

Single digit new issue premiums had survived the secondary market weakness in corporate bonds of the last few days, but on Wednesday Vodafone had to pay up as it sold a three tranche deal significantly wide of where its existing bonds were trading.

The last time British Telecommunications sold sterling bonds, the global financial crisis was still beyond the horizon. It returned on Tuesday after more than 10 years only issuing in euros and dollars, but investors were not as welcoming as the issuer may have expected.

UK telecoms firm Virgin Media increased its sterling loan offering on Friday, as recovering leveraged finance issuance in the currency seems to be leaving Brexit strains behind.

The sterling corporate bond market took until Wednesday to join the issuance frenzy the euro market had enjoyed in the first half of the week, but three deals in two days reminded issuers and investors that it is still an option to be considered into the end of 2017.