NatWest Markets
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Gas Natural opted for a drive-by execution for its second hybrid bond, a €500m perpetual non-call nine year, and won a €1.1bn book on Tuesday. -
Investors were eager to buy German media company Bertelsmann’s €1.25bn debut hybrid bond on Thursday, and it achieved tight pricing.
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Wells Fargo launched its first sterling bond issue in over two years on Wednesday, showing the appeal of euro funding for US banks has faded since January.
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Royal Bank of Scotland will complete the sale of its Kazakhstan subsidiary, RBSK, this quarter and further cut its Middle East loan portfolio, amid a re-focus on core markets.
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Aluminium company China Hongqiao has received commitments from 10 banks for its $600m loan. The deal, which has five banks at the top, comes even as base metals face tough times amid uncertain demand.
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German media company Bertelsmann finished its roadshow on Wednesday for its debut hybrid capital bond issue, and could price the deal as early as Thursday, according to a banker at one of the leads.
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Haitong International Securities has signed its latest loan at an increased size of HK$6bn ($774m), driven by strong demand from Taiwanese, Hong Kong and Korean banks.
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Royal Bank of Scotland’s James Tayler is moving to the firm’s syndicate desk in the US after the previous US head of debt syndicate, Victor Forte, was hired by Mizuho.
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RWE, the German electricity and gas company, issued €1.25bn of hybrid bonds on Tuesday, which are expected to partly replace its €1.75bn hybrid issued in 2010 and to be callable in September.
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The senior unsecured market saw a spark of life despite the holiday shortened week, with €4.66bn equivalent getting away in two business days.
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If one was thinking of a similar pair of European corporate bond issuers, Unibail-Rodamco and Klépierre, the French property companies, might come high on the list. On Wednesday they both issued bonds — but the coincidence appeared to do neither issuer any harm.
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