NatWest Markets
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Insurance and pension fund demand is likely to drive further 20 year benchmarks after this week’s triumphant €5bn syndication from Belgium, SSA bankers argued this week. New appetite for the rare maturity particularly reflects the Solvency II directive, under which insurers’ holdings will be assessed using mark-to-market values up to 20 years, writes Craig McGlashan. -
Areva, the French nuclear power construction group, issued a €750m nine year bond on Wednesday that was solidly oversubscribed, but was not the blowout enjoyed by Teollisuuden Voima a week ago.
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Dutch lender Rabobank will sell a new seven year Swiss franc deal on Tuesday afternoon, showing demand remains strong for strongly rated financials despite a steady flow of deals so far in 2014.
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Nordea is set to sell its first Swiss franc bond of 2014 on Monday. While the issuer has a strong reputation with Swiss investors, some bankers away from the deal are concerned that a flood of double-A supply so far in 2014 could diminish demand for the long five year trade.
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Beijing Infrastructure Investment (Hong Kong) (BIIHK) will commence a roadshow on Monday, March 9 for its inaugural international bond.
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HeidelbergCement launched a drive-by high yield bond on Wednesday to a very strong reception from investors.
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Nationwide Building Society’s sterling additional tier one trade attracted what bankers on the deal said was the largest order book ever for a sterling trade from a financial organisation. The success of the trade — the first sterling AT1 — and it’s unique structure could open up the market for a variety of different issuers, according to bankers on the deal.
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Bank of Tokyo-Mitsubishi UFJ slotted a fifth tranche into its blow-out $4bn bond on Tuesday, adding a 30 year bond after US investors showed strong appetite for the longer tenor.
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HeidelbergCement launched a drive-by high yield bond today to a very strong reception from investors, in a credit market as strong as bankers could remember for years.
