NatWest Markets

AIB Group has wasted little time in accessing the debt markets for subordinated capital. It launched a tier two bond this week, little over a month after selling an additional tier one (AT1) bond, adding to its minimum requirements for own funds and eligible liabilities (MREL).

The Netherlands’ Tennet Holding has increased the size of its bank revolving credit facility to €3bn and linked the margin to sustainability goals, in a deal the electricity transmission system operator says is the largest sustainability-linked revolver in the Benelux region.

Bank Nederlandse Gemeenten included its environmental, social and governance (ESG) ratings in a mandate announcement for its upcoming sustainability bond on Monday, following in the footsteps of KfW which kickstarted the movement with its green bond tap last week.

The UK Debt Management Office has chosen the banks to lead the re-opening of its 0.125% 2041 index-linked Gilt, which is scheduled to take place next week.

Issuers in the financial institutions bond market do not want to see the chance for cheap funding slip, so more are lining up deals. On Monday, Landesbank Hessen-Thüringen (Helaba) mandated leads for a preferred senior bond in euros, and UK insurer Utmost International said it was aiming for an senior unsecured bond in sterling.

Royal Bank of Scotland launched its debut social bond on Friday, attracting over €2bn of orders for its €750m offering. The trade benefited from a favourable backdrop in the primary market and an increased appetite for UK credit caused by a scarcity of issuance from the country this year.

Bovis Homes hits debt and equity markets — IAG swoops on €1bn Air Europa — Northern Irish HA sells US private placements in market first

National Express and Citycon mandated banks on Thursday for bond issues, piling into the November issuance spree before the market goes into hibernation next month.

The Netherlands’ Stedin Holding, a holding company for electricity and gas grids, issued its debut green bond on Thursday, pricing it through its curve.

UK housebuilder Bovis Homes is heading to the debt and equity markets to finance an agreed £1.075bn acquisition of part of compatriot Galliford Try’s business.

Santander Consumer Finance (SCF) had plenty of momentum in its order book as it looked to extend its maturity curve in the preferred senior bond market on Wednesday.

A flurry of new deals this week had issuers having to compete for investors’ attention. Bankers said that higher yielding deals were much easier to sell, with non-preferred senior bonds from Bankia and Lloyds Banking Group proving more popular than a tighter print from Belfius.