NatWest Markets
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On the surface, stress tests seem arcane and disconnected from reality. Perhaps they are, but they’re an increasingly important tool for bank regulators around the world.
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Royal Bank of Scotland submitted a revised capital plan after failing the Bank of England’s 2016 stress test this week, with the UK lender’s large potential misconduct fines playing an important role in its poor test performance. -
Severn Trent issued the first corporate deal for a month into the sterling market bond market on Monday as it tapped investors for a 15 year transaction.
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Banks will have more time to build up sufficient equity and debt for their minimum requirement for own funds and eligible liabilities (MREL), said the Bank of England.
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Standard Chartered rocked assumptions about old style capital instruments this week when it said it would not call its legacy capital deal. Issuers with similarly structured bonds may not want to ignore the economic benefits of the UK bank’s decision and the likely consequences for future additional tier one issuance. Tyler Davies reports.
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Nomura's former EMEA FIG syndicate head will be joining Royal Bank of Scotland, according to two market sources.
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UK pub operator Enterprise Inns on Monday printed its new sterling notes at maximum size, winning the minimum coupon that it had promised to investors.
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Mortgage lender Together on Friday accelerated the pricing of its PIK bond in a sterling market still cautious after last week’s cancellation but geared with a new offering from betting house Ladbrokes.
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The UK Debt Management Office laid down a strong marker for its host country with a super smooth syndication on Tuesday that attracted a strong showing from international investors and a record book.
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The Moser family intends to become the sole owner of UK mortgage loan provider Together as private equity firm Equistone and Standard Life plan PIK issuance before exiting the company.
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The UK Debt Management Office swatted away weeks of Gilt volatility to tighten pricing, hit the upper end of size expectations and attract overseas demand with a £4bn tap of its 2.5% 2065s on Tuesday.
