NatWest Markets
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The European Financial Stability Facility is planning to wrap up its third quarter funding needs via a single visit to the market with a deal that will pour some liquidity into the long end of its outstanding bonds. -
FTSE 250 bus and rail company Go-Ahead has signed a £200m bridge loan to insure against execution risk when it comes to refinance a sterling bond. A number of investment grade companies have been exercising precautionary liquidity management of late, said one banker in London.
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The European Central Bank could bring the shorter end of the euro curve back into play for public sector borrowers next week if it opts to cut its deposit rate once again, as super low yields led one market participant to describe a seven year euro benchmark by Finland this week as targeting the “short end” of the curve. Craig McGlashan reports.
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Even with the flood of bankers leaving banks to join the fintech revolution — in which it seems every move has some mind-blowing potential impact on the future of finance — former Royal Bank of Scotland banker Richard Bartlett’s move to start-up ‘social impact’ short-term lender Uberima is unique.
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UK distressed debt buyer Arrow Global this week returned to the market, after selling euros in April, with a refinancing deal to repay in full its 7.875% 2020 notes.
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The European Financial Stability Facility has sent out a request for proposals for a bond issue next week, as Finland highlighted how much demand issuers can muster in the euro market — even at yields well below 0%.
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KKR-backed Pillarstone, the non-performing loan acquisition and advisory company, has picked a chief operating officer after starting operations last year.
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Finland is bringing a seven year euro benchmark that is almost certain to be priced with a negative yield — but that should do little to quell demand, said bankers on and off the deal.
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NRW.Bank will on Tuesday become the latest public sector borrower to enter a super strong dollar market that shows no sign of shutting down for the summer, after the German agency mandated banks on Monday.
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Bankers expect a slowdown in primary supply this week, as FIG issuers reflect on an unseasonably busy period for new issuance. But opportunistic trades remain possible, as spreads tighten across the sector.
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Places for People, the UK housing company, on Wednesday sold £400m ($519.35m) of bonds with orders more than 2.5 times the offering size, despite tapping the market just two weeks after Moody’s cut its rating to A3.
