NatWest Markets

Schleswig-Holstein stretched its euro curve out by a decade on Wednesday, as market participants warn that the world of positive yielding German sub-sovereign debt is shrinking.

A UK fertiliser mining project was thrown into jeopardy this week as the high yield market turned too spicy for some investors. But for those looking for something milder for their portfolios in the primary market, there was little to be found either with no investment grade supply until UK retailer Next appeared on Wednesday morning.

Newport City Homes (NCH) has sold a £95m private placement to Legal & General, as housing associations soldify their position in the private debt market.

The Federal State of Schleswig-Holstein has mandated for a 20 year euro trade, as eurozone rates continue to squeeze tighter.

The UK’s Foresight Solar Fund has signed a £245m bank financing package, as lenders to smaller companies say that they might hit record lending levels this year despite sharply pared down volumes elsewhere.

The UK’s Helical has amended and extended its bank debt, with the office real estate firm ramping up the size of its revolving credit facility to £400m.

Capital market participants with an interest in UK social housing are paying close attention to new UK prime minister Boris Johnson’s appointments to his cabinet and inner circle, to try to gain a sense of his attitude towards housing.

A loan backing Rank Group’s £115.3m acquisition of Stride Gaming is expected to come to the market before the end of August.

Barclays said on Thursday that it will redeem three of its additional tier one (AT1) bonds in September, though a weaker pound means that paying the debt back will eat into its common equity tier one ratio.

UK bank debt has been having a hard time this week, with spreads gapping out by about 15bp on fears that the country could crash out of the European Union without a deal.

The UK’s Future has agreed to buy US B2B publisher SmartBrief for up to $65m, with the specialist media group planning to draw down on its existing debt facilities to finance the acquisition.

The World Bank placed its first Hong Kong dollar deal of its 2019/2020 funding year last week. The supranational chose to link the private placement to the Hibor benchmark, a now little seen structure that was likely the result of a "very specific enquiry", according to one MTN banker away from the deal.