NatWest Markets

Elenia, the Finish electricity distribution company, opened books for a €500m no-grow seven-year bond on Thursday, its first issue since Standard & Poor’s upgraded it to BBB+ in November.

Vakifbank printed its $750m 5.25% 2025s on Wednesday from a book that reached higher than $4.3bn at its peak, but the note was seen below re-offer in London’s secondary market on Thursday morning.

Turkey's Vakifbank has released initial price guidance for a dollar benchmark, with the intention of printing the deal later on Wednesday.

World Bank broke its size and order book record in the sterling bond market on Tuesday with a maturity that has become the new sweet spot in the currency for SSA borrowers.

The UK's National Grid followed up early January’s well-received green bond debut with a pair of green bond MTNs from a subsidiary, printing in currencies it rarely visits.

World Bank appointed banks for a December 2026 sterling bond on Monday. The issuer will be the third public sector borrower in the last week to access this part of the sterling curve in order to achieve a more attractive funding cost versus euros and dollars.

Telefonica, the Spanish telecommunications company, issued senior and hybrid bonds in euros on Monday. While it picked a horrendous day for markets for its offer, Telefonica still managed to pay small or negative price concessions relative to its secondary curve.

A pair of investment grade issuers made rare appearances in niche currency bond markets this week. Deutsche Telekom returned to the Swiss franc market after a 10 year absence, while Hitachi Capital UK made its debut in rand.

The Council of Europe Development Bank sold a rare seven year sterling benchmark on Thursday, as issuers go further along the curve in the currency to avoid an unattractive cross currency basis swap at the short end.

Banque Fédérative du Crédit Mutuel (BFCM) added to the sterling market's fast start to the year on Thursday, launching a new preferred senior bond in the currency and awarding investors with a small new issue premium.

UK flooring company Victoria issued a €170m add-on to its €330m of outstanding 5.25% senior secured notes, due in 2024. The royal carpet maker successfully issued its debut bond last summer after failing at the first attempt in 2018 in a horribly timed launch.

Nederlandse Waterschapsbank and the State of Brandenburg took advantage of a lack of euro SSA supply this week to bring well subscribed deals on Tuesday. The Asian Development Bank will be looking to follow with a 10 year euro benchmark on Wednesday.