NatWest Markets
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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.
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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.
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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.
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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
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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%.
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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.
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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.
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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.
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New dynamics are appearing in the sustainability-linked loan market, as the product balloons and banks prepare for more intense scrutiny of their green lending activities. The trends highlight how unformed and confusing this young market still is, writes Jon Hay.
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World Bank hit a number of landmarks on size, demand and pricing with its first sterling benchmark of the year. It used a maturity that has become the new sweet spot for SSAs in the currency as issuers seek more attractive funding levels versus euros and dollars.
