NatWest Markets
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Two first time bond issuers joined the corporate pipeline on Tuesday, with TDF Infrastructure and the University of Liverpool preparing to debut, despite a choppy primary market. -
New Look, the UK fashion retailer, will begin a roadshow on Tuesday for a £1.2bn-equivalent high yield bond issue to redeem all its bonds and repay its PIK notes after being acquired by Brait, the investment firm.
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Royal Bank of Scotland has been mooted as one candidate to print additional tier one debt before the summer, after Santander UK this week proved the market is ready for more supply.
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A difficult week for credit markets and a turbulent interest rate environment has left bankers divided on the prospects for corporate issuance in the near future — is it better to wait out the volatility, or hit the market before things get worse?
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Motability Operations Group, the UK provider of cars and powered wheelchairs for disabled people, drew a chunky order book for an eight year euro bond on Wednesday, using a generous new issue premium to offset difficult market conditions.
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MarketAxess, the fixed income electronic trading platform, data and post-trade services provider, has hired veteran credit trader Scott Eaton as its chief operating officer for Europe.
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Three convertible bonds were launched in Europe on Tuesday, by British Land, steel tube maker Salzgitter and Iida Group, a Japanese condominium developer.
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German electricity grid operator Eurogrid hit the euro market with a 10 year bond on Tuesday, opting to brave a tricky market in order to avoid further obstacles to issuance later this week.
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Corporate bond issuers hung back from issuing in euros on Monday, as markets made a soft opening. But the pipeline continued to fill and issuers like Eurogrid and Mohawk Industries are in the offing.
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Credit trading desks at banks have been swept by a tornado of job moves, as financial institutions specialists leave or jump to rival firms in a scramble to survive in a shrinking market.
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La Poste, France’s state postal service, returned to the bond market on Tuesday with its first benchmark issue since 2012. The bond was priced tightly to its curve, but the book size was not disclosed.
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