NatWest Markets
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Risk appetite has returned to the high grade corporate bond market this week, as investors looked to snap up what they could before presidential election volatility and earnings blackouts create a desolate primary market. -
Almost two-thirds of companies are still not prepared for the transition away from Libor, as lenders in London say they are in “intensive” discussions with clients and NatWest writes to thousands of corporate clients about the switch to risk free rates.
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NatWest plans to contact around 3,500 of its corporate clients from Thursday to inform them about the end of Libor as a benchmark and what their options and next steps are, as a recent survey showed that the vast majority of companies have not made any tangible efforts towards moving debt facilities to risk-free rates.
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Société du Grand Paris plans to steam ahead with funding as it announced a doubling of its green EMTN programme and a substantial increase to its 2020 funding programme to help prefund the financing for the next three years of the Grand Paris Express project.
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Green, social and sustainable issuance has dominated the supranational and agency bond market for a whole month, consistently outpacing conventional supply. That trend looks set to continue with three SRI deals already on screens.
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Bank Nederlandse Gementeen kicked off a busy week for socially responsible bond issuance by public sector borrowers with a well-received 12 year sustainable bond, its longest ever deal in that format.
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Europe’s high grade primary market chugged on with a handful of trades on Wednesday, but syndicate bankers acknowledge that supply looks to be muted in what should usually be a hectic period.
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Caisse d’Amortissement de la Dette Sociale is set to return to the social bond market in euros after setting the size record for the format in the currency earlier this month — a feat it also recently achieved in the dollar market.
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After a week without deals, the primary euro public sector bond market will see a return of activity next week with Bank Nederlandse Gemeenten and the State of North Rhine-Westphalia preparing to bring sustainable deals in the currency.
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The European Central Bank decision to exempt sustainability-linked bonds from its internal rule that stops it buying bonds with step-up coupons is the final step in allowing this new market to take flight, specialists said this week.
