NatWest Markets

UBS has made a big commitment to re-establishing its global medium term note business by hiring a well-known figure to lead the origination effort.

The spark of life was seen in the senior unsecured market on Wednesday, with Credit Suisse’s senior unsecured bond, issued from its holding company, quickly achieving blowout status during the bookbuilding process.

The AA’s traditional investors on Friday helped the UK car breakdown insurance company price £735m of class ‘B’ notes inside price guidance.

Bayer, the German pharmaceutical company, has issued a €1.3bn 60 year non-call 7.5 year hybrid bond, as its hybrid issued in 2005 approaches its first call date.

Rory Cullinan is to leave Royal Bank of Scotland, where he was executive chairman of its corporate and institutional bank, despite only having started the job in February.

The AA, formerly the Automobile Association, the UK car breakdown assistance group, on Wednesday began marketing £735m of class 'B' notes.

GCP Infrastructure Investments, a listed fund focused on investments in UK infrastructure debt, has agreed a £50m three year loan with Royal Bank of Scotland.

US regulatory authorities said on Monday that BNP Paribas, HSBC and Royal Bank of Scotland had failed to provide adequate resolution plans in 2014, and must address the failures before submitting this year’s plans.

Italy showcased the rampant demand at the long end of the euro curve with a record equalling €8bn deal this week — but also highlighted new hedge fund behaviour.

Nationwide and Caixabank launched the only two covered bonds this week. Despite both issuers getting the funding they wanted, the final outcome was poor in comparison to past standards.

Obrascon Huarte Lain, the Spanish construction company, wants to sell a €425m eight year non-call three bond that would push out its first bond repayment to 2020.

Spanish construction company Actividades de Construcción y Servicios has issued its first non-convertible bond: a €500m five year.