NatWest Markets

Two UK funds have acquired a stake in one of the largest onshore wind farms in the country, Clyde Wind Farm. There is a healthy pipeline of utilities M&A according to one investor, which would be a boost for infrastructure loans.

Bank Nederlandse Gemeenten brought a 10 year dollar benchmark this week that sparked much debate about whether other issuers would be able to follow in the tenor. Although with a flurry of other trades this week, it is clear that other options are available once next week’s US Federal Reserve meeting is held.

There was a double breakthrough in dollars for public sector borrowers on Tuesday, as Bank Nederlandse Gemeenten reopened the 10 year part of the curve for core issuers for the first time in seven months and Sweden priced the tightest three year benchmark since the first week of the year.

British Telecommunications plc (BT) on Thursday joined the surge of blockbuster multi-tranche deals that has hit the euro bond market since mid-February as it raised €3.9bn of bonds across three tranches.

The recovery in Europe’s corporate bond new issue market continued on Wednesday, with three successful issues — one each in sterling, euros and Eurodollars. By far the largest was the return to its home market of Motability Operations, the non-profit organisation which provides cars and other vehicles to disabled people in the UK.

The SSA market has seen a deluge of deals this week as issuers in both dollars and euros look to raise funding before the European Central Bank and the US Federal Open Market Committee meet in coming weeks, which could cause disruption.

The World Bank on Tuesday mandated for a dollar benchmark, as action in the market heated up in anticipation of the Federal Open Market Committee’s meeting on March 15-16.

KfW is set to print a 10 year euro benchmark, following in the footsteps of Belgium and Finland, this week as issuers attempt to conclude funding before the European Central Bank’s meeting on March 10.

Scotland Gas Networks came to the sterling bond market on Monday with a £250m 11 year offering that was nearly twice subscribed.

Two European sovereigns mandated for benchmark bonds in euros on Monday leading what is expected to be a scramble to get in and out of the primary market before the European Central Bank meeting on March 10.

Yaping Wang has joined ICBC Standard Bank as a senior manager within its debt capital markets team after over six years at Royal Bank of Scotland.

A record breaking start to the year for SSA issuance in sterling kept pace this week, as the bond market showed little sign of contagion from a drop in the currency to a seven year low versus the dollar — and indeed may even have received a boost from the devalued currency.