NatWest Markets
-
The Council of Europe Development Bank is preparing to issue its second Covid-19 response bond which will also be its first ever trade in dollars under its social inclusion framework. -
-
France impressed as it received a record €51bn order book and paid a small new issue premium with its first syndication since the outbreak of the Covid-19 pandemic. The sovereign was joined in the long end of the curve this week by two sub-sovereign borrowers as investor appetite for duration grows, with more supply expected to follow.
-
France received its biggest ever order book as it came to the market for a 20 year syndication on Tuesday. SSA bankers say that investors are looking for duration after previously sticking to defensive maturities as the Covid-19 crisis eases.
-
Two more eurozone sovereigns are set for syndications on Wednesday, with France eyeing up 20 years and Iceland coming for a six year bond.
-
Banque Fédérative du Crédit Mutuel tested appetite on Tuesday for a 10 year non-preferred senior deal, with supply in the asset class having slowed to a near standstill during the coronavirus pandemic.
-
Lloyds Banking Group has become the latest financial institution to extend the life of an additional tier one capital instrument (AT1), after arguing on Friday that it would be "uneconomic" for it to refinance its €750m 6.375% notes amid the stress of the coronavirus pandemic.
-
-
Italy’s Ferrari in euros and the UK’s Southern Water Services in sterling won strong demand for new bonds on Wednesday, but the slowdown in issuance has got some syndicate officials wondering if the market is already winding down for summer.
-
Royal Bank of Scotland Group took advantage of the strong appetite for senior debt in dollars this week, issuing $1.6bn of funding across two tranches. The deal, which included the first dollar issuance of green UK bank paper, offered no premium to investors.
-
Following last week’s record-breaking Gilt syndication, the UK returned for another impressive result, scooping up £7bn from a £52bn book and pricing with a minimal new issue premium, according to the leads.
-
Investors are clamouring for more environmental, sustainable and governance (ESG) themed bonds, as the panic of the last few months gives way to a renewed interest in the format.
