NatWest Markets
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A seemingly endless supply of real estate companies coming to the high grade bond market continued this week, with Deutsche Wohnen and debut deals from Canary Wharf and VGP giving investors another chance to load up on the sector. -
Investors poured into a five year senior preferred deal from Banque Fédérative du Crédit Mutuel on Monday, as accounts look for shorter defensive deals to hedge against rates volatility further along the curve.
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Macquarie Bank paused its sterling return on Wednesday morning, the day after it announced the deal.
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Canary Wharf made its debut in the bond markets in its present form on Tuesday, with a green triple tranche bond in euros and sterling that found plenty of demand, despite the rocky future for office space.
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Macquarie is preparing to syndicate the first sterling deal from an Aussie borrower in almost three years, having mandated banks to arrange a new operating company level benchmark.
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Banque Fédérative du Crédit Mutuel (BFCM) kicked off FIG issuance in the last week before Easter, dropping into the euro market to print a new five year preferred deal.
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BPER Banca overcame its sub-investment grade rating on Thursday, attracting plenty of demand for an inaugural social bond that will fund Covid-19 related lending in southern Italy.
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BPER Banca and UBS ventured out into the euro market on Thursday. After a quiet few days, issuance is ramping up as rates volatility subsides, with bankers expecting a light shower of deals ahead of Easter.
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Financial issuance got underway in the euro primary market on Wednesday, with borrowers keen to bring forward ESG-labelled bonds in the first deals of the week.
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LondonMetric, the listed UK real estate firm, has sold £380m of US private placements, according to market sources. One tranche had a green component, which priced tighter than another coupon with the same maturity.
