NatWest Markets
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The sterling market is on fire for SSA borrowers. Attractive conditions and investors with cash to deploy have come together to produce some of the market’s most impressive deals of the year, with more in the pipeline. -
As expected, no euro issuers were tempted to compete with the European Central Bank meeting on Thursday, however British Land took the opportunity to bring its first senior bond since 2006.
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Clarion Events is set to launch the loan funding for its acquisition by private equity firm Blackstone next week or soon after. The buyer also has funding for a deal to buy Paysafe in the pipeline.
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Public sector borrowers are finding healthy seams of sterling funding in various tenors, as Council of Europe Development Bank lined up to follow a Wednesday trade by KfW — and there are rumours that more supranationals could consider deals in the currency. Attractive arbitrage levels and large redemptions are helping drive supply and demand respectively, said bankers.
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A pair of European agencies landed in euros on Tuesday, attracting huge books and tightening their spreads, indicating a promising backdrop for NRW.Bank’s green bond scheduled for Wednesday.
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The UK Debt Management Office (DMO) tapped a 2065 line for £4bn on Tuesday, upping the size of the transaction because of “impressive quality of demand”.
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SSE, the UK electricity, gas and telecoms company, brought its inaugural green bond on Wednesday in a deal that was years in the making.
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A pair of issuers sold high quality euro deals into an eager market on Wednesday, drawing praise from onlookers for impressive books.
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The European Financial Stability Facility (EFSF) picked up €2bn with a 23 year bond on Tuesday, paving the way for other top-flight borrowers to bring their own euro deals.
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The UK Debt Management Office has selected the banks that will run its next syndication.
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LafargeHolcim on Tuesday became the first issuer for nearly two weeks to launch a corporate bond in Europe. The €750m 12 year deal received strong demand, with order books more than three times subscribed.
