NatWest Markets

Jez Walsh has left Royal Bank of Scotland where he had been in charge of covered bond syndication for 15 years. His departure follows a string of high profile exits from the bank’s covered bond team including Allen Rad, Christoph Anhamm, Sophie Kwon, Frank Will and Jason Wolfe.

HSBC picks capital financing heads - RBS lays out loans plan - CME Group plots expansion - Lloyds combines levfin

European credit markets had a nasty turn today, which salespeople and analysts blamed on news that Bill Gross, the so-called “Bond King’”, had decided to leave Pimco, the world’s biggest bond investor – though perhaps just because they wanted something to blame. Yet Babcock International, the UK engineering services group, still managed to issue a €550m bond – its first in the European market.

In a week with no senior or subordinated issuance in euros, RSA Insurance and Suncorp-Metway took centre stage with sterling prints. Both financials were able to get successful deals away despite struggling with turbulent markets, though they did catch some flak for issuing in volatile conditions.

Infra Foch, a new company formed to purchase French car park operator Vinci Park, has mandated banks for a European bond roadshow next week.

SIG, a Sheffield-based specialist building products company, has refinanced a £250m revolving credit facility that was due to mature in May 2015.

Enterprise Inns, the UK pub group, priced £249.521m of senior secured high yield bonds on Tuesday to yield 6%, as part of a liability management exercise.

Jez Walsh has left Royal Bank of Scotland where he had been in charge of covered bond syndication for 15 years. His departure follows Allen Rad who had traded covered bonds since 2008 and Christoph Anhamm who had been in charge of covered bond origination.

Wesfarmers, the diversified Australian retail, chemicals, energy and insurance group, attracted a €1.2bn book for its seven year bond on Tuesday, allowing it to increase the size from an expected €500m to €600m while still paying a new issue premium of 5bp or less.

RBS has laid out plans for its European loans business, outlining the management structure working for head of loan markets and client management Dave Rome.

Five lenders have committed to join Indian company Rural Electrification Corp’s $170m loan. The transaction is the greenshoe portion of a larger borrowing. Funds for the original $230m have already been provided by the six bookrunners and mandated lead arrangers, which are syndicating the greenshoe on a best efforts basis.

European credit markets had a nasty turn today, which salespeople and analysts blamed on news that Bill Gross, the so-called ‘bond king’, had decided to leave Pimco, the world’s biggest bond investor. Yet Babcock International, the UK engineering services group, still managed to issue a €550m bond – its first in the European market, according to Dealogic.