NatWest Markets

The primary market for peripheral European covered bonds leapt back to life this week after a 12 week hiatus, with investors queuing up to buy a series of deals that emerged in quick succession.

German agency KfW expanded its stable of green bond issues to a fourth currency this week when it sold a debut sterling-denominated green bond.

RBS has appointed Doug Munro head of financial institutions debt capital markets for the UK and Ireland.

Cellnex Telecom, the broadcasting tower business floated by Abertis Infraestructuras in May, marketed and sold its first bond issue on Monday, raising €600m.

The UK Debt Management Office has finalised details on the timing and tenor of what will be its second syndication of the 2015-16 financial year.

The UK Debt Management Office has announced which banks will be on its next bond syndication, a conventional Gilt with a maturity of at least 40 years, scheduled for the second half of July.

The corporate bond market got back on its feet with vigour on Wednesday, as Capgemini in particular impressed, with a hefty size and even heftier order book for a triple tranche deal — though it had to pay a large new issue premium.

When UK Chancellor George Osborne fired the starting gun on the re-privatisation of Royal Bank of Scotland on Wednesday, he signalled willingness to book a large loss on the deal.

One of the biggest privatisations of recent years is set to begin in the coming months, quite possibly with an accelerated bookbuild, as George Osborne, chancellor of the exchequer, said the time was right for the UK government to begin selling its 79% stake in Royal Bank of Scotland.

Two first time bond issuers joined the corporate pipeline this week, with TDF Infrastructure and the University of Liverpool preparing to debut, despite a choppy primary market.

Euro high yield investors on Thursday had more than €1.8bn of bonds to consider and two more tranches in euros whose final sizes were yet to be set — New Look, the UK fashion retailer, being at the forefront with the largest offering.

Europe's investment grade corporate bond pipeline swelled even more on Thursday, though the primary market stayed silent, as HJ Heinz announced a roadshow to prepare funding for its merger with Kraft.