NatWest Markets
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Spain’s Cellnex Telecom, a broadcasting towers business, hit the investment grade and high yield euro markets on Monday, just over six weeks after it roadshowed for the deal. -
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Affordable Housing Finance, a subsidiary of The Housing Finance Corporation, hit the sterling market on Thursday for a £191.4m tap that was more than twice subscribed.
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Euros had to play second fiddle to a rampant dollar market this week, but there was still a steady flow of deals at the smaller end of the size scale.
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Uncertainty over the UK’s future following its vote to leave the European Union and the loss of its last triple-A rating failed to make any dent in demand for the first Gilt syndication since Brexit. Instead, the only real effect was the rock bottom yield at which the sovereign was able to issue.
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European high yield bankers approached their market's imminent summer break in high spirits, printing another single-B rated deal, from petrochemical firm Ineos.
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Affordable Housing has mandated three banks to arrange a tap of sterling notes that may come to market as early as Thursday.
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Mediq, the Dutch pharmaceuticals firm owned by Advent, has launched a €200m dividend recapitalisation, holding an investor call on Wednesday. This follows German industrial services firm Bilfinger offering a €700m term loan at a bank meeting on Tuesday.
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The Gilt market on Tuesday once again highlighted its immunity to concerns around the UK's vote to leave the EU, as the Debt Management Office conducted a trademark smooth execution with a tap of its 0.125% November 2065 inflation-linked bond.
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Heathrow Airport came out of its earnings blackout to issue a benchmark 33 year sterling bond from its secured funding programme on Tuesday, clinching a minimal new issue premium.
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Petrochemical manufacturer Ineos on Monday launched a €1.1bn-equivalent refinancing deal into a high yield market that has thrown caution to the wind.
