NatWest Markets
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Bureau Veritas, the unrated certification agency headquartered in Paris, has entered the US private placement, according to market participants. -
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The buyout bonds for Merlin Entertainments and Kantar, backed by Blackstone and Bain, will set new standards for European issuers. If the investors strike down the "net short" clauses — as they did in an earlier Inmarsat deal — the sponsors may give up on the controversial strategy to battle hedge funds with large CDS positions.
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The European Financial Stability Facility (EFSF) and Municipality Finance drew plenty of interest in the short end of the euro curve on Thursday, with one of EFSF’s leads calling the three-year tenor the “perfect storm”.
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Asian Development Bank hit the market twice on Thursday, grabbing $3bn of five year paper and selling its debut green bond — a £250m seven year trade.
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Birmingham Airport has sold 30 and 31 year US private placements, as airports and port operators in Australia and Europe carve out a healthy chunk of market volume.
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Two supranationals are on screens for ESG firsts. The European Bank for Reconstruction and Development (EBRD) has announced its first green transition bond, while the Asian Development Bank (ADB) is preparing its first foray into the green bond market in sterling, capitalising on strong appetite from UK pension funds.
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The European Financial Stability Facility (EFSF) is preparing its first benchmark of the fourth quarter and Ireland has picked the banks to lead the first tap of its sovereign green bond.
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The SSA market is on fire this week, with a series of large deals from borrowers all across the SSA spectrum, with green sterling deals enjoying a particularly hot streak.
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UK coach operator National Express has sold roughly $500m-equivalent US private placements, in dollars, euros and sterling, with substantial delayed draws.
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The Inter-American Development Bank and the State of North Rhine-Westphalia only managed to raise small sizes in the sterling market on Tuesday, with the leads on the latter declining to comment on whether the deal was fully subscribed.
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Paddy Power’s prospective US private placement debut has been kicked into the long grass, according to sources familiar with the situation, as the Irish gambling company instead focuses on a merger with Canada’s PokerStars.
