NatWest Markets
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Alliance Automotive, the French-UK car parts distributor, was back in the high yield market on Wednesday selling a €50m tap of its only bond, issued last year. -
Investors maintained discipline on Wednesday when Ford Credit Europe Bank issued a €500m five year bond, with some dropping out of the deal after moderate pricing revisions.
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Spain is likely to pay higher borrowing costs than at any point this year at an auction on Thursday, as a volatile period for eurozone government bonds rumbles on from last week.
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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.
