NatWest Markets
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On Thursday, the sterling corporate bond market reminded participants it was still going strong after the euro market had dominated the first half of the week. Petroleos Mexicanos, also known as Pemex, and Western Power Distribution followed the success of Wednesday’s deal from Manchester Airport. -
Manchester Airport Group announced itself in the sterling corporate bond market with two deals in two months in 2014. It returned to the market on Wednesday with a print tighter than its two better known rivals.
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UK telecoms group Virgin Media will begin marketing a jumbo loan this week, in a market that bankers describe as awash with demand. Many issuers are returning in search of tighter margins as soon as their loan terms allow.
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The trend for corporate issuers in 2017 has been to sell bonds with longer tenors, but in among a five deal issuance spree on Monday was a couple of two year floating rate notes from rare issuers.
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Euro corporate bond investors see RCI Banque as a frequent borrower, pricing new issues multiple times a year, but it remains a rare name for sterling investors. Last Friday it sold its first bond in the currency for more than three years.
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Housing & Care 21, a provider of housing and care services for elderly people in the UK, made a successful corporate bond debut on Wednesday when it sold a £250m 30 year deal that grew its sector’s presence in the sterling market.
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Euro corporate bond investors see RCI Banque as a frequent borrower, pricing new issues multiple times a year. But it remains a rare name for sterling investors. On Friday it sold its first bond in the currency for over three years — a bond that has already matured.
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Catalyst Housing, a UK social housing association based in Ealing, west London, made an impressive debut in the bond market this week, garnering £350m of demand for a £150m deal and pricing inside Notting Hill Housing Trust, its closest comparable.
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Has Europe’s corporate bond market ever been hotter than today? Perhaps, but Monday’s four investment grade deals totalling €7.4bn offered ample evidence of extraordinary demand — not least, what is believed to be the most tightly priced corporate hybrid capital issue ever, for Danone.
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Investors in public sector dollar deals have found themselves forced to accept brutally tight pricing as issuers drive in spreads to round off their funding programmes.
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Norwegian state-owned grid operator Statnett priced its debut benchmark euro corporate bond on Wednesday, opting to go longer than the 10 year tenor many of the recent utility issuers chose.
