NatWest Markets

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.

Any fears that investors might be nervous about sterling bonds in the run-up to the UK’s referendum on European Union membership eased with a pair of deals on Tuesday.

A plunge in sterling’s value on Monday after the UK government picked a date for the country’s European Union membership is unlikely to stop SSAs adding to a record breaking year in the currency so far, said bankers.

Pendragon, the UK car dealer, has refinanced its debt, issuing a private placement and signing a new unsecured club revolving credit facility that cut its margin by a hefty 85bp.

The UK Debt Management Office has mandated banks for the sale of a Gilt set for the week beginning February 22.

Belgian telecommunications company Telenet, which is owned by Liberty Global, has drawn on €1.2bn of loans to fund the €1.325bn acquisition of Belgian mobile operator, BASE.