NatWest Markets
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World Bank roared into the dollar market on Tuesday with the largest five year benchmark in the currency in over a year, as KfW and Bank Nederlandse Gemeenten hit screens with short dated mandates.
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Betting house William Hill this week was alone in the European high yield market for a potential issue of £300m of unsecured notes, with the UK’s European Union membership referendum an unhelpful backdrop. -
US biopharmaceutical firm Johnson & Johnson on Wednesday issued a four tranche bond, including 19 year notes, amid much competition in a market that absorbed 17 deals this week.
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Detroit car maker General Motors on Wednesday received orders totalling more than seven times its €500m bond as it dodged investor weariness with the glut of supply in the market.
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UK retailer Next on Wednesday issued a £300m bond, benefiting from a receptive period in the sterling corporate bond market, which is expected to wind down in June as the Brexit referendum approaches.
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With Ascension Day putting a cap on activity in euro-denominated bonds, the sterling market glided into action as Travis Perkins issued a £300m deal.
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Nederlandse Gasunie, the Dutch state-owned gas transmission company, issued a €650m 10 year bond on Wednesday that drew in investors by leaving some concessions on the table.
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Chemicals producer Inovyn on Tuesday began the roadshow for a €300m secured bond that will replace a portion of term loan ‘B’ funding being issued to support its full takeover by Ineos.
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Kering, the French luxury goods company, issued a €500m no-grow transaction on Thursday that saw some orders drop out but still came with a negative new issue premium.
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University College London has signed the largest ever European Investment Bank loan to a higher education institution, it announced on Thursday.
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The European Investment Bank sold a £500m tap of its February 2019s on Wednesday, taking sterling issuance from public sector borrowers to its highest level for nine weeks.
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Royal Bank of Scotland has appointed a new head of leveraged finance from within the bank.
