NatWest Markets
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Dubai World, which is trying to restructure its $14.6bn debt burden for the second time in four years, has received the backing of more than two thirds of its creditors, the state-owned investment company has said. -
A week before the European Central Bank is expected to announce a programme of quantitative easing and Greece elects its next president, investors are loading up on senior unsecured paper from top names in FIG, and being paid big new issue premiums. Investors are demanding more in part because of fears of volatility in coming weeks stemming from the ECB and Greece, bankers said.
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Mike Turnbull has joined StormHarbour as managing director, capital markets, a role where he will oversee StormHarbour’s debt capital markets platform.
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BMW priced €1.5bn of bonds on Friday, split evenly between five and 10 year tranches, following the slightly lower rated German car maker Volkswagen’s three tranche deal on Thursday.
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The senior FIG market’s new year surge accelerated on Thursday, with another five new issues announced in the wake of Wednesday’s successful prints. Attractive new issue premiums have kept demand high for senior unsecured prints, according to syndicate managers.
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Wuxi Pharma to shelve general — Greenland signs dual currency loan — Jet raises $150m — Country Garden clubs for Hk$4.5bn
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Paragon Community Housing Group, a UK housing association, has obtained a credit rating from Moody’s in preparation for a £175m debut bond issue.
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State Grid Corp of China, a government-owned utility, has mandated banks for a possible debut euro bond to be issued through its European subsidiary, State Grid Europe Development.
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Holders of subordinated debt issued from nationalised lenders NRAM (Northern Rock Asset Management, the nationalised 'bad bank' remains of Northern Rock plc) and Bradford & Bingley tendered the majority of more than £210m in outstanding bonds for as much as 206% of the outstanding principal amount.
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Richard Tynan, a managing director on syndicate at RBS, has left the bank after three years at the firm. He had been head of syndicate EMEA until September last year.
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Lloyds and Royal Bank of Scotland were quick to react to the results of the Bank of England’s stress tests on Tuesday, with RBS announcing plans to sell £2bn to boost its capital ratio — despite passing the tests — and Lloyds revealing its intention to call several series of enhanced capital notes (ECNs) that the BoE’s Prudential Regulatory Authority did not count as contributing towards the bank’s common equity tier one ratio.
