NatWest Markets
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Ireland's longest dated benchmark in five years is more than twice subscribed, allowing leads to set pricing at the tight end of guidance. -
Ireland is this week set to price its longest-dated benchmark since its international bailout in 2010. Proceeds, coincidentally, are earmarked to pay off one of its bailout creditors. Fellow eurozone periphery countries Spain and Greece will join Ireland in the market this week with auctions.
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The Bank of England's Financial Policy Committee released its updated guidance on leverage ratio requirements on Friday afternoon. The new ratios look positive for the UK's largest lenders, being considerably less demanding than the worst case scenarios and with all but one of the country's global banks already meeting their requirements.
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Intu Properties, the UK real estate investment trust, signed a £600m revolving credit facility on Friday. The five year loan carries a two year extension option.
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Syndicating a reopening of a 55 year bond in a month where sterling was shaken by volatility could have been tough for the UK Debt Management Office this week. But it passed the test with flying colours, attracting its largest book ever on an ultra-long syndication and breaking the 3% yield bogey for the first time.
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The US investment grade corporate bond market barely blinked this week when the US Federal Reserve called time on quantitative easing. Companies hit the market ahead of what is expected to be a bumper November for new issuance.
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Affordable Housing Finance, which raises debt for lending to registered providers of affordable housing in the UK, using a UK government guarantee, has tapped its 2042 secured bonds for £183.5m — and priced arguably through its own curve.
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Nestlé, the Swiss foods group, on Wednesday seized the opportunity of a stable and empty market to issue a €500m seven year bond, paying a tiny new issue premium and achieving what one banker said was a record low yield.
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Indonesian power company Pertamina, which mandated 12 lenders for its $1.8bn five year loan, will fund a portion of the financing onshore.
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The UK Debt Management Office was able to attract its largest order book in an ultra-long syndication during an hour long book build on a tap of the 2068 Gilt — despite the tap coming at a sub-3% coupon and following weeks of volatility in the Gilt market. The deal leaves the UK DMO with one syndication left this financial year.
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RBS is aiming to grow its corporate and institutional FX business in Asia Pacific with two new senior hires who will be based in the bank’s Singapore office.
