NatWest Markets
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The triumphant return of Banco Comercial Português to the covered bond market this week after an eight year absence marks a turning point, not just for the bank but the Obrigações Hipotecárias market as a whole. -
UK corporates are preparing for the large UK banks to bring down their ring-fences, a move that could shake up the banking landscape and push more corporates to sign credit support annexes with their banks.
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The Kingdom of Belgium hit the long end in euros on Tuesday, taking advantage of a healthy market to raise €3bn with a 20 year bond. Meanwhile, Nederlandse Waterschapsbank (NWB) announced a tap of a 2041 line.
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Oesterreichische Kontrollbank (OeKB) returned to the sterling market on Tuesday, raising £350m with a five year deal.
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The Export-Import Bank of Korea (Kexim) priced a five year euro benchmark on Monday, nipping in with a one day execution ahead of a trio of deals scheduled for Tuesday.
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What one SSA banker dubbed a “Canadian invasion” of the sterling market moved up a gear this week, as one province debuted in the currency and another returned after a 20 year absence.
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The Province of Quebec on Tuesday added the third strong Canadian sub-sovereign deal in sterling this year, tightening 2bp from guidance and pricing through its domestic curve with its first trade in the currency in over 20 years. The Province of Manitoba is attempting to copy the success of its peers in sterling, after mandating for a debut deal.
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The Province of Quebec will print in sterling for the first time in over 20 years after hiring banks on Monday for a five year deal, joining other Canadian provinces in returning or debuting in the currency in 2017. The trade will come in the same week as the UK sovereign sells the first syndication of its 2017-18 financial year.
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The European subsidiary of CNH, the US agricultural machinery company formerly called Case New Holland, launched a benchmark euro high yield bond on Monday, as yields in the market hit new all-time lows.
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Emmanuel Macron’s election as French president last weekend was the catalyst for a flood of revved up euro deals this week, with issuers and investors aiming at the long end of the curve as the biggest known political risk in Europe this year passed with a market-friendly outcome. Craig McGlashan reports.
