NatWest Markets
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Two UK building societies took to the euro market this week, with Nationwide and Leeds Building Society selling senior debt. Both issuers fell victim to a weak tone, with Leeds’ bonds struggling in the secondary market and Nationwide failing to reach its maximum size ambitions.
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Telefónica returned to the hybrid capital market on Monday, six months after its €1.75bn transaction in September, to sell another deal of the same size.
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The European Investment Bank sold the first sterling green bond from a public sector issuer on Wednesday. The deal's strong reception should encourage other issuers to look to print green bonds in the currency, said SSA bankers.
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Investors flung €3.5bn of orders at one of Europe’s most troubled banks this week, underscoring the credit market’s frantic appetite for higher yielding debt, writes Graham Bippart and Nathan Collins. -
Awas Aviation Capital, the aircraft leasing company headquartered in Dublin, has signed a $300m revolving credit facility from Royal Bank of Scotland.
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One of Italy’s more troubled financial institutions, Banca Monte dei Paschi di Siena, will sell a senior unsecured bond to screaming demand, in yet another illustration of how hunger for yield is not so much opening the door to market access to previously questionable credits; it is rolling out the red carpet and hosting a champagne reception in their honour.
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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.
