NatWest Markets
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Three companies piled into the euro bond market on Monday, but the deals drew mixed reactions. Two standard investment grade issues from LafargeHolcim and Ford Motor Credit appeared to fare better than a rare green hybrid from Citycon paying a juicy yield.
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France’s Caisse des Dépôts et Consignations is preparing to make a rare appearance in the sterling market for a two year fixed rate trade. -
Caixa Geral de Depósitos was seven times subscribed for its debut non-preferred senior bond this week, when it become the first Portuguese bank to launch a deal in the format.
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The positive market backdrop has driven smaller and less well-known bank issuers to come forward with rare new bond issues. But they are showing up just as investors pack up for the year, meaning they must work hard to lure enough demand, writes David Freitas.
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Bank Nederlandse Gemeenten and Kommuninvest followed in the footsteps of KfW as they included their environmental, social and governance (ESG) ratings in the terms sheets for socially responsible bonds this week, with the latter selling the largest single-issue green bond from a Nordic public sector borrower.
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Student Hotel finds bed for sustainable loan — Italo mainlines green loans — Green bond stalwart Tennet signs — Scottish Mortgage returns to US PP — CVC-owned April preps rapid refi
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Carrefour, the French supermarket group, has launched a tender offer for €2bn of bonds, hoping to buy back a maximum of €400m.
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National Express printed a £250m nine year bond at what looked like a zero concession to its curve on Wednesday, overcoming some sharp moves in the Gilt market.
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Oil major BP and motorbike maker Harley-Davidson both hit the euro bond market on Tuesday, in the wake of the European Central Bank’s far bigger than expected first week of corporate bond purchases.
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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).
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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.
