NatWest Markets
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This week’s sharp Bund sell-off has shone a revealing light on the European public sector bond market’s dwindling support and growing execution risk, writes Craig McGlashan. -
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Royal Bank of Scotland’s transformation into a “simpler, stronger” bank is proving expensive, with the shares down 3% on Thursday after first quarter revenues failed to break through restructuring and litigation costs.
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Portugal priced an oversubscribed dual tranche benchmark on Wednesday afternoon, executing the deal during a sell-off in Europe’s periphery.
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A bevy of periphery borrowers have picked this week to get deals away — to varying levels of success — as negotiations over the financial future of Greece take on a more positive tone.
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Car parks business Infra Foch raised €200m with a tap of its April 2025 bond on Tuesday. The deal got much less interest than the original deal in October, and was priced at a higher spread over mid-swaps.
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Portugal is looking to take advantage of improving sentiment around Greece with a dual tap — but not every periphery issuer has been able to capitalise on events in Athens.
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Jerrold Holdings, the UK mortgage lender, priced a £100m tap of its debut high yield bond, double the £50m it initially sought, on Monday to repay some of its banking debt.
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Leeds Building society surprised on Friday by hitting the euro market for a seven year print, the only senior deal in euros from a financial this week.
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BHP Billiton priced a €2bn three part bond on Wednesday, paying up on the longest tranche. Bankers said this reflected the recent underperformance of long dated bonds.
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Ineos, the chemical company, returned to the high yield bond market on Wednesday with a €770m deal to redeem $775m of notes it issued in 2012.
