NatWest Markets

RBS lays out DCM management — BAML loses Russia DCM head — Credit structurer quits UBS — New IB head at BNPP

Tuesday had been a slippery day in the European corporate bond market, as a fall in equities caused two new issues to find underwhelming demand – a knock-on effect that has not happened for a long time. But by Thursday that was all forgotten. Four deals were launched, three of them triple-B rated and three of them 10 years, and all went well.

Tuesday had been a slippery day in the European corporate bond market, as a fall in equities caused two new issues to find underwhelming demand — a knock-on effect that has not happened for a long time. But by Thursday that was all forgotten. Four deals were launched, three of them triple-B rated and three of them 10 years, and all went well.

UK pub group Enterprise Inns has announced today a 5.75% minimum yield on a new issue of nine year secured bonds that it plans to price on Tuesday, as part of a liability management exercise.

Vallourec’s bond issue may have gone well on Tuesday, but for the other corporate issuers in euros and sterling it was a much rougher ride. Accor launched a €150m tap and RCI Banque a £250m sterling three year, but neither managed to tighten pricing from their initial thoughts.

UK pub group Enterprise Inns has announced today a 5.75% minimum yield on a new issue of nine year secured bonds that it plans to price on Tuesday, as part of a liability management exercise.

A Japanese lender has joined the eleven leads on Tata Steel’s multi-currency jumbo fundraising and three to four more banks are expected to come in before the loan goes into general.

Reliance Jio Infocomm, the telecoms subsidiary of Indian conglomerate Reliance Industries, opened its $1.5bn dual facility refinancing loan for general syndication on September 19, with a mandated lead arranger and bookrunner group of 15 banks.

Airbus Group, the French-headquartered aerospace company which used to be known as EADS, has launched syndication for its €3bn revolving credit facility, which is not due to mature until April 2017.

General Motors Financial Co will roadshow from Tuesday to Friday next week for its first euro bond.

Vallourec’s bond issue may have gone well today, but for the other corporate issuers in euros and sterling it was a much rougher ride. Accor launched a €150m tap and RCI Banque a £250m sterling three year – but neither managed to tighten pricing from their initial thoughts.

Following the restructuring of the business at the beginning of September, RBS has announced the management team for EMEA investment grade debt capital markets.