NatWest Markets
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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. -
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.
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Europe’s high grade corporations are lining up bond issues in euro and sterling for this week, which could be the last before the market slows down for a summer break. Meanwhile, analysts and investors agree that there is considerable room for borrowers to sharply ramp up primary market activity in the next session.
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NatWest Markets has created a new climate and environmental, social and governance (ESG) capital markets team, which will be led by Caroline Haas.
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UniCredit plans to make labelled financing a regular part of its funding across the group, following the launch of its debut labelled bond this week. Its first deal proved popular as it stacked up more than €3.25bn of demand.
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UniCredit was able to stack up more than €3.25bn of demand behind its inaugural green bond on Monday, landing the note 10bp through its conventional curve.
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Allied Irish Banks has bought around €4.2bn of performing corporate and commercial loans from Ulster Bank, marking a major step in the NatWest-owned Ulster Bank’s withdrawal from the Republic of Ireland.
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The dollar corporate bond market continued to show its resilience this week, but concerns are growing over a lack of supply in the run-up to the July 4 holiday weekend.
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A smattering of smaller euro issuers made the most of an attractive window this week, as they looked to use the stable conditions to take “some risk off the table” ahead of the summer break.
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European companies piled into the bond market on Wednesday with a variety of deals that favoured duration, as buoyant sentiment returned after being sapped by the US Federal Reserve last week.
