NatWest Markets
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Northern Powergrid (North East) postponed a sterling bond issue on Thursday a day after a housing association trade limped over the line, leaving bankers trying to decipher what caused the market to collapse this week. -
Metropolitan Housing Trust, the UK housing association, had a tough day in the sterling bond market on Wednesday, with a debut sustainable bond that limped over the line despite two days of marketing.
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Metropolitan Housing Trust, a UK housing association, has mandated for a sterling bond, amid rising concerns among bankers and investors in the UK on the almost complete easing of coronavirus pandemic social restrictions in England from Monday.
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A pair of SSA borrowers are set to squeeze a pair of benchmarks in on Tuesday just before the summer holidays period commences in earnest.
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NatWest Markets has hired UK rates trader James Bucknall from Deutsche Bank, where he was head of sterling trading.
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Rare credits are stepping in to pick up the pre-summer slack, with unusual financial and corporate names returning to a market hungry for new supply.
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Two public sector borrowers hit the primary euro market on Thursday, with the International Development Association selling its biggest ever bond in the currency and France’s Action Logement Services extending its curve with just its second ever trade.
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Sterling investors had their choice of ultra-long dated corporate bonds on Wednesday, as charitable foundation the Wellcome Trust and Flagship Housing Group printed 50 and 40 year paper, respectively.
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Royal Bank of Canada has sold the third Canadian covered bond in sterling this year, landing its £1.25bn deal at a spread identical to those of its two peers. Meanwhile, Münchener Hypothekenbank is set to join the sterling spree in the coming days with the first fixed rate covered bond in the currency since 2018.
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A succession of debut labelled deals are filling the FIG pipeline as issuers look to make use of the last window ahead of the summer break. ESG bonds from SpareBank 1 SR-Bank and Banco BPM are set to join the already mandated Banca Popolare di Sondrio and Arion Bank in the market later this week.
