NatWest Markets
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KfW showed public sector issuers exactly what it takes to get euro investors reaching into their pockets this week — a hefty new issue premium, writes Tessa Wilkie. -
Public sector benchmark issuance snapped back after extreme volatility in credit and equity markets early this week, but bankers are concerned about the depth of demand in the currency.
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Finland priced a €3bn 10 year deal a day after global markets were rocked by a big sell-off in Chinese equities. But the investor response to the deal had some bankers saying the issuer should have waited.
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WoDS Transmission, the company which will operate the offshore transmission system for a wind farm off the coast of England, is set to make its bond market debut this week with a benchmark sterling print.
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Intercontinental Hotel Group rounded out a lively week for investment grade corporates on Friday, showing that investors still have a good appetite for paper despite the summer lull by successfully tapping the sterling market.
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Royal Bank of Scotland’s painful restructuring was rewarded by the capital markets this week as investors swarmed all over an equity block and threw $26bn at the state owned lender’s debut additional tier one bond.
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Investors swarmed all over Royal Bank of Scotland’s first offering of additional tier one (AT1) paper on Wednesday, which had some bankers recalling the early days of the product.
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RBS chose a dual tranche debut in additional tier one (AT1) on Wednesday, and some bankers think the bank’s improving debt story has helped it pay a smaller pick-up than others for a 10 year call.
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The first tranche of the RBS selldown loses money for the taxpayer. But it’s a long way from being over, and history could show it was a smart move.
