NatWest Markets
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Italy’s Tamburi Investment Partners brought a sub-bechmark five year trade on Tuesday, with similar deals for Gas Networks Ireland and Radiotelevisione Italia waiting in the wings. -
Electricité de France attracted huge demand for a €500m hybrid capital bond issue on Tuesday, as the continued grinding tighter of corporate bond spreads meant subordinated bonds enjoyed solid demand from investors.
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Volkswagen Financial Services returned to the sterling bond market on Tuesday, after hitting the market twice over the summer.
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Perhaps the last two public sector bond benchmark issues of the year hit screens in euros this week and, judging by their reception, the market is closing right on time.
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Rentenbank raised €1bn of 10 year cash on Wednesday. The deal did not reach full subscription and the leads were unable tighten the spread from guidance, thanks to a rates sell-off affecting demand from Asia.
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The euro corporate bond new issue market was full of smaller deals on Tuesday, for Japan Tobacco, Hitachi and Naturgy, but investors were preparing for the onslaught of jumbo transactions which they knew were coming on Wednesday and Thursday.
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UK TV production company All3Media followed French insurance broker April in attempting to improve pricing on a loan signed just six months earlier, opportunistically looking to lock in a tighter margin before the market closes for the year.
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Investors showed some price sensitivity when confronted with the State of North Rhine Westphalia’s (Land NRW) dual tranche sustainable offering on Wednesday. Nevertheless, compatriot issuer Rentenbank will add to euro SSA supply this week after mandating banks for a new 10 year benchmark.
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The sterling public sector bond market was alive on Tuesday as the UK sold the penultimate syndication of its financial year and Caisse des Dépôts et Consignations returned to the currency for the first time since January 2018.
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Legal & General Group (L&G) was four times subscribed for a £600m tier two in the sterling market this week, as it looked to strengthen its capital position.
