NatWest Markets
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FCE Bank, the UK-based European financing arm of Ford, picked its timing to perfection for its fourth bond issue of the year, on Monday. -
Worldpay, the UK payments processing company, on Thursday sold its first bond issue, a €500m deal — in what could be the busiest string of seven trading days since July, with four more deals roadshowing.
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Royal Bank of Scotland’s sale of Citizens, its US retail bank, helped to boost headline profits in the third quarter, but the UK lender posted high restructuring and litigation costs that are not expected to fall any time soon.
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Issuers and investors were baffled this week by Standard & Poor’s decision to remove equity credit from hybrid capital bonds issued by 14 corporate borrowers — a decision that almost comically summed up the often self-referential, circular and abstruse reasoning that has driven the asset class’s history.
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Covered bonds issued this week from banks in Italy and Portugal were a roaring success from the sellers’ point of view. But none could have been done without the European Central Bank’s help.
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The UK Debt Management Office built its largest ever order book for a syndicated bond on Tuesday, but bankers away from the deal felt it was the trade’s timing that was particularly impressive.
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Investment company Octopus Investments has received £400m in syndicated loans to fund its acquisition of a portfolio of UK solar projects.
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The UK Debt Management Office built its largest ever order book for a syndicated bond on Tuesday, when it printed a deal with the longest duration in its conventional Gilt portfolio.
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Greece’s yields screamed lower on Monday despite reports that the country’s creditors are unhappy with its government’s reform efforts. Meanwhile, Cyprus could bring a bond after completing a roadshow last week.
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Two syndicate bankers have left RBS, while the bank has reorganised the desk to include hybrid capital and liability management.
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Plans to ring-fence major UK banks’ retail activities away from their investment banking activities could increase funding costs for the banks that fall under the Prudential Regulatory Authority’s proposed regime.
