NatWest Markets
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Wells Fargo has hired a banker from RBS to join its FIG origination effort. -
British American Tobacco’s (BAT) acquisition of US rival Reynolds American will trigger other merger talks across the tobacco industry which could see financing deals rolling up to capital markets, loan bankers believe. Silas Brown reports.
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Italy is set to kick off its syndicated programme for the year with a September 2033 euro benchmark, as the sovereign brushed off a downgrade from DBRS late last week.
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Micro Focus, a UK software firm, is poised to offer up $1bn-equivalent in euros to the European leveraged loan market as it looks to close its reverse merger with Hewlett Packard’s software business.
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As many as eight covered bonds were launched across three currencies this week, the vaguely discernible pattern suggesting better interest for the larger deals with intermediate maturities and particularly those from non-eurozone issuers where liquidity is most likely to be better.
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Spanish telecoms provider Telefónica hit the euro market on Tuesday for a dual tranche offering that tested the outer limit of investors’ appetite for long tenors.
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The UK Debt Management Office has picked the maturity and timing for a scheduled bond sale later this month. Elsewhere in sterling, a pair of issuers added deals to a bumper opening week that fell just short of a record.
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Royal Bank of Canada, Canadian Imperial Bank of Commerce, Commonwealth Bank of Australia and Deutsche Pfandbriefbank tapped the sterling covered bond market this week at cheaper levels than they could have achieved in euros and dollars.
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Innogy, the renewables, retail and grids subsidiary of RWE, is on course to be made liable for €10.1bn of bonds issued by its parent, after gaining approval from a majority of bondholders for a consent solicitation this week.
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NatWest Markets, the rebranded RBS, has hired a new managing director to run origination and solutions for the US, covering corporates and financial institutions.
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Royal Bank of Scotland was looking to settle a series of litigation claims for up to £800m this week, shortly after being heavily penalised by potential misconduct fines in the Bank of England’s 2016 stress tests.
