NatWest Markets
-
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.
-
Achmea was marketing a senior bond on Monday to refinance an outstanding bond maturing in November. The Dutch insurer started with a 'juicy spread', according to some market participants, and gave away a new issue premium of 5bp-10bp to investors.
-
The UK covered bond market may be about to shrink. Deals maturing this year could well be refinanced at the Bank of England, while issuers could see their mortgage pools shrink as a result of the lockdown.
-
Barclays opened books on a new tier two capital issue in sterling on Friday, as the financial markets looked set to end a volatile week on a positive note.
-
UK utility Western Power Distribution has signed £845m of revolving credit facilities in a rare deal in the UK market not linked directly to the Covid-19 crisis.
-
The UK’s Young & Co’s Brewery, a pub chain, has signed £70m of new loan facilities and has become the latest in a quickly growing list of companies to lean heavily on the Bank of England’s Covid Corporate Financing Facility.
