NatWest Markets
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Royal Bank of Scotland returned to the funding markets late last week for its first standalone bond issue since 2008.
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NIBC Bank and Aktia Bank mandated leads for European roadshows this week, and the issuers are expected to launch covered bond deals sometime in early April.
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National Bank of Canada extended its euro curve by two years and priced its second euro covered bond, a €1bn seven year benchmark, on Tuesday. It looked cheap versus its previous deal, but fair value to where other Canadian transactions were trading on Tuesday.
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The head of financial institutions capital markets EMEA at Royal Bank of Scotland has left the bank, GlobalCapital understands.
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Crossover credits ArcelorMittal and Fiat took advantage of a strong market to sell five and seven year euro benchmark bonds on Tuesday. -
Italian carmaker Fiat joined the recent flurry of crossover issuers on Tuesday with a seven year speculative grade rated bond. The deal attracted strong demand of over €4.5bn, which allowed Fiat to issue €1bn.
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Rallye, the unrated French holding company that owns 49% of Casino, the French supermarket chain, and 90% of retailer Groupe Go Sport, launched a bond issue today that investors jumped on, relishing its 4% yield. The €300m issue was increased to €500m.
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After a week of booming issuance in the senior market, macroeconomic concerns have taken full grip. The market had initially refused to bend to concerns over political upheaval in Turkey and the standoff between Russia and Ukraine.
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Spanish construction firm ACS has raised €405.6m through a five year bond exchangeable into Iberdrola shares less than six months since a similar €720m transaction exchangeable into the utility firm’s stock.
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Länsförsäkringar Hypotek (LF Hyp) issued Sweden’s first covered bond deal of the year on Tuesday, after Finland’s OP Mortgage Bank attracted excess demand for its deal on Monday. The Swedish bank’s euro funding was notable for being cheaper than that achievable in its home market.
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Santander and BNP Paribas printed their first dollar trades of 2014 as demand for investment grade paper continued its strong run.
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Verizon Communications brought back memories of its $49bn record-breaking bond in September with a $4.5bn offering this week that sucked in nearly $23bn of orders.
