NatWest Markets

Electric company goes as far as 30 year but deal shows small signs of waning demand for ultra-long corporate debt

The issuer went longer on the curve after recent deals from peers hit three year sector

Electricity transmission company launches trade flat to tighter trading peers

Investors support wide array of deals as secondary market tightens

Huge yield movement during bookbuilding as even 17 banks find IPTs hard to pinpoint

Public sector issuers from across the spectrum brought deals in a variety of currencies

As the world came out of the coronavirus pandemic, bond market conditions in 2022 did the opposite of what was expected of them and sharply deteriorated. Rising inflation, in part a result of the war in Ukraine, supply bottlenecks and fast tightening central banks all hurt banks’ abilities to access stable funding in international markets. Accessing unsecured primary financing, even senior debt, was no mean feat as new issue premiums moved higher for most of the year on top of skyrocketing spreads. Refinancing subordinated bonds at economic levels was far more challenging amid extreme volatility that brought back memories of the 2008 global financial crisis. Four bellwether deals are recognised this year for their market-leading achievements and successful execution that empowered the rest of the FIG market in Europe. They not only re-opened market access to a broader issuer base but also gave much needed confidence boost to battered investors. By Atanas Dinov and Frank Jackman.

Segro, Toyota and Vodafone flock to sterling as hot run continues

Tier two pair pushes November’s sterling FIG run to over £8.5bn

Original £500m deal was was relaunched after orders came in late

UK building society harnessed enough demand to a land tight bail-in deal inside of euro funding cost

Housing association's book got £1.3bn of interest despite headwinds