NatWest Markets
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The European Investment Bank became the latest SSA to hit the unusually popular 10 year dollar bucket on Tuesday, raising an impressive $4bn. The European supra was joined at five years by a jumbo trade from Caisse d’Amortissement de la Dette Sociale. -
Spain will lead the public sector borrowers' charge into the primary bond market this week with its second ever 50 year benchmark syndicated deal ahead of the Chinese New Year holiday.
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The International Development Association sold its second sterling bond this week to extend its curve in the currency from December 2024 to September 2027.
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Three eurozone sovereigns all extended their euro curves with huge order books for syndicated transactions this week in a sign of rampant investor appetite for long-dated debt.
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Whitbread, the UK hotel and pub company, enjoyed roaring demand for its debut green bond on Wednesday, as it managed to convince investors that it can plan for life after lockdowns.
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Telecoms firm Telefónica and utility Iberdrola showed the depth of demand for green hybrids this week, with both Spanish companies building large order books.
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Belfius Bank and Santander found strong support among bank treasury investors in the euro market this week, helping them to print new preferred senior deals at very low yields.
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CaixaBank and BayernLB were able to sail through fair value with green non-preferred senior deals this week, bucking a trend for rising new issue premiums in 2021. Bankers say a lack of supply is finally helping borrowers to exert more power over their pricing.
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Whitbread, the UK hotel and pub company, amended and extended its revolving credit facility at around the same time as it stormed the bond markets with a blowout debut green trade.
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Banco Santander has followed Belfius Bank in launching a very successful new seven year bond this week, as bank treasury accounts lend their support to low yielding preferred senior paper.
