NatWest Markets
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Lloyds Bank has amended the terms of its consent solicitation for two of its additional tier one (AT1) notes, after failing to reach a quorum at its first bondholder meeting. It now plans to use a different spread methodology to calculate the switch over from Libor to Sonia. -
Santander began phasing Libor out of two of its outstanding additional tier (AT1) one notes this week, having appointed NatWest Markets to lead the process to restructure the bonds to reference Sonia.
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Daa, the Irish airport operator, and Akelius, the UK residential property company, snatched the chance to raise funds on Thursday, the most stable day for the bond market this week. But demand has been muted as jitters about lockdowns and next week’s US presidential election kept some investors on the sidelines.
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Daa, the Irish airport operator, and UK residential property company Akelius snatched the chance to raise funds on the most stable day this week. But demand has been muted as jitters about lockdowns and next week’s US presidential election kept some investors on the sides.
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Supply in the SSA dollar market is clustered at the short end of the curve, as borrowers focus on defensive tenors ahead of the upcoming US election. Kommuninvest landed a sizeable benchmark on Tuesday, while Kommunalbanken will follow suit on Wednesday.
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Daa, the operator of two Irish airports, and Swedish telecoms company Tele2 have mandated for bonds, as the market goes into near-hibernation during corporate earnings blackouts.
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Greencoat Renewables, the Irish renewable infrastructure company, has signed a €200m term loan, as it looks to manage its longer duration leverage.
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Bunzl, the distribution and services company, topped off a strong few days by printing a £400m from bulging order books a week after announcing growth in its third quarter trading statement.
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Michelin, the French tyre maker, has signed a €2.5bn sustainability-linked revolving credit facility with a three year maturity, as loans bankers say the market has become more nuanced towards maturities since the onset of Covid-19 made many of them tighten terms.
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The European Stability Mechanism wasted no time in getting its final trade of the year done on Monday ahead of the European Union’s highly anticipated debut syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.
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