NatWest Markets

The European Bank for Reconstruction and Development will be introducing a new coupon calculation methodology for Sonia-linked floating rate notes with its deal on Wednesday. The trade will use the structure that it pioneered for its Sofr debut last summer. The leads say this new format will be helpful should Sonia move towards a single index, like Sofr will in March. But some bankers away from the deal are unconvinced that the new method will appeal to investors.

C&C Group, the Irish drinks manufacturer and distributor behind brands like Magners, is set to debut in the US private placement market in the coming weeks, according to market sources.

Royal Bank of Scotland — or NatWest Group, as it plans to rebrand itself later this year — is set to cut back risk-weighted assets in the investment bank, particularly in rates. The bank also committed to stricter lending and underwriting criteria for fossil fuel companies.

Nordic banks Länsförsäkringar Bank (LF Bank) and Landsbankinn were able to offer “attractive value” in the preferred senior market this week, amid a general hunt for yield among credit investors.

Luis Muscatt, formerly of NatWest Markets, has joined BMO Capital Markets as a covered bond and SSA trader.

Greek banks looking to bring new bonds will do well to follow Alpha Bank’s example, when on Thursday it sold its inaugural tier two bond. Backed by thorough investor work and supportive market conditions, the Greek lender’s new bond exceeded yield and demand expectations.

Volkswagen Financial Services and United Utilities Water hit the sterling bond market this week to print £650m of debt. Issuers are finding a warm reception in the currency, despite the UK having left the European Union last Friday.

Bahrain Steel to lock in better conditions in refi — Saudi sparks life into local loan mart — Cranfield University soft-sounds private placement market — Golding Homes looks to add hundreds of houses with £120m facility — Great Portland brings ESG loans to UK Reits

Alpha Bank was more than 10 times subscribed on its debut in the tier two market on Thursday, allowing the speculative grade Greek lender to tighten its pricing by up to 100bp and land at an impressive coupon level of 4.25%.

United Utilities Water hit screens with a £250m no-grow 18 year bond on Monday, with sterling issuers finding a warm market despite the UK having officially left the EU last week.

The UK's Golding Homes has signed credit facilities totalling £120m, as one of the southeast's biggest social housing providers looks to develop hundreds more homes in the region.

Alpha Bank announced plans for a new issue of tier two capital on Monday, as the bank looks make use of a favourable backdrop in the bond market and renewed investor interest in Greek assets.