NatWest Markets

CLP Power attracted a strong following from institutional investors for a hybrid perpetual non-call 5.5 year bond that was priced on April 29. The trade was intended to strengthen the issuer’s balance sheet following the announcement of big acquisitions at the end of last year.

RCI Banque, the finance arm of Renault, turned to the sterling bond market this week to finance its UK lending, and benefited from the absence of sterling issuance since April 11.

Coca-Cola Enterprises launched a small bond issue of €250m today that priced exceptionally tightly. That is not unusual for the issuer, but it was helped by the very slight issuance of euro corporate bonds for the past fortnight.

Kingdom of Sweden was able to price a five year euro benchmark at a level deeply through mid-swaps this week, as investors snapped up the rare opportunity to take on exposure to the sovereign despite the deal offering what leads say is the lowest coupon on a five year euro deal for a sovereign, supranational or agency all year.

Aegon set out at the end of last week to sell a €700m 30 year non-call 10 year subordinated bond, successfully printing the deal even as market players headed out the door for Easter weekend.

Financial issuers highlighted strong demand for floating rate paper this week, with syndicate bankers expecting issuance to pick up again after the Easter break. Issuers are proving keen to save on funding costs while investors are happy to pick up protection against the possibility of rising rates.

Belgium's regions and municipalities are set to have an increased presence in the private placement market this year as several new borrowers are expected to debut.

Indian telecommunications company Bharti Airtel is in the market for a $400m five year amortising loan via sole bookrunner and mandated lead arranger Royal Bank of Scotland, which has priced it at a generous 250bp over dollar Libor margin.

Wells Fargo and Macquarie Bank highlighted the demand for floating rate paper on Tuesday, with both banks selling euro denominated FRNs. Syndicate officials away from the deal said that the deals are likely to be the last senior trades from banks ahead of the Easter break.

Indian telecommunications company Bharti Airtel is in the market for a $400m five year amortising loan via sole bookrunner and mandated lead arranger Royal Bank of Scotland, which has priced it at a generous 250bp over dollar Libor margin.

FGA Capital, the car finance company jointly owned by Fiat and Crédit Agricole, sold another blowout bond on Wednesday, after a run of highly sought-after deals.

In what was an all-around impressive week for peripheral bank issuers, Allied Irish Banks and Italy’s Intesa Sanpaolo printed five year senior deals, proving investors are willing to go further out on the credit curve for longer in the search for yield.