NatWest Markets
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The frenetic pace of the high-grade dollar bond market slowed on Thursday as investors showed signs of indigestion. -
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Informa, the UK publishing and events business, has said it is considering paying back its private debt placements and issuing bonds instead. Companies tend to avoid early repayment in the PP market because of the cost of makewhole payments, but several market sources said Informa was trying to extricate itself from financial covenants.
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Swedish Export Credit Corporation took full advantage of the quiet SSA market to print a three year dollar benchmark on Wednesday. Ontario Teachers Finance Trust is set to follow on Thursday.
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The UK rode out renewed fears of the resurgent coronavirus pandemic on Tuesday, printing its second syndicated deal of the month with an order book over seven times covered.
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World Bank gave a big boost to the flagging volumes in the sterling public sector bond market this week with the biggest deal in the currency from a supranational or agency borrower in five months.
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NatWest launched a new tender offer this week for four of its subordinated bonds, all of which are soon set to lose their value as regulatory capital.
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Irish insulation firm Kingspan has raised €750m-equivalent in US private placements, in its first green issue in the market.
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Burberry, the UK fashion house, was bang on trend on Monday with its debut bond in sterling, showing that rampant demand exists across currencies for sustainability-themed debt.
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The UK Debt Management Office has selected the banks which will lead its second syndicated transaction of the month, a tap of its 0.5% 2061 conventional Gilt.
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Europe’s high grade corporate issuers are increasingly dipping their toes into sustainability bonds, with telecoms company Orange and fashion house Burberry bringing debut deals.
