NatWest Markets
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Ireland's Electricity Supply Board opened 2020's sterling corporate bond market on Tuesday and won enough demand to increase the £300m deal slightly. -
Environmentally minded investors piled into green and sustainable corporate bond issues in Europe on Monday, with deals for Energias de Portugal, South Korean steel company Posco and National Grid garnering around €10.3bn of demand.
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Foreign and domestic banks flocked to the UK this week as they sought to take advantage of stellar funding conditions in the sterling market. Bankers said this was the first chance issuers had to benefit from opportunities in the currency following December’s general election, which removed a lot of short-term uncertainty around Brexit.
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Export Development Canada has started its 2020 funding with a Sonia floating rate note, after the European Investment Bank earlier this week brought the first trade in the format of the year.
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Crossover credit Cellnex, the Spanish mobile phone mast owner, offered investment grade bond investors the chance to pick up some spread on Thursday, while unrated Air France-KLM waits in the wings.
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ABN Amro and Deutsche Bank opened books on new senior deals in the sterling bond market, with bankers recognising that the currency is 'working very well' for international names.
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Crédit Agricole Italia marketed a dual-tranche bond with eight year and 25 year maturities. A steeper curve helped the longer tranche offer a higher pickup against the shorter bond, but investors still placed hefty orders on both tenors.
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The European Investment Bank delivered 2020’s first Sonia bond on Wednesday, adding to a streak of hot deals in sterling. The second Sonia deal is set to follow on Thursday.
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Investors piled into the euro public sector bond market on Wednesday, allowing borrowers to achieve well subscribed order books and minimal new issue concessions for a range of maturities.
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KfW broke new ground in the sterling bond market on Monday by bringing its largest ever benchmark in the currency. Kommunalbanken is looking to latch on to the red hot market too after picking banks to lead a new December 2024 trade.
