NatWest Markets
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Europe's corporate bond market opened emphatically for business on Tuesday, as seven issuers banished all memories of the summer holiday. Despite there being plenty of choice for investors, demand was high across the board. Multiple deals were two to three times oversubscribed, while the largest, a €3.5bn four trancher from Siemens, the machinery maker, was nearly 4.5 times covered. -
The UK Debt Management Office has announced that it is planning to reopen its 2054 Gilt through syndication in the week beginning September 9.
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One Housing, a UK housing association focused on London and southeast England, has sold £150m of secured and unsecured US private placement notes to institutional investors.
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Highgate School in north London has closed a £60m US private placement, joining a clutch of private schools using the instrument for long term financing.
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The Free Hanseatic City of Bremen priced a €750m 2049 trade on Tuesday, stretching out its curve by 10 years to become the second German SSA bond issuer in as many weeks to borrow for longer in able to offer a positive yield to investors.
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Next, the Baa2/BBB (negative) UK retailer broke a dry spell for corporate investment grade issuance on Wednesday when it sold £50m of bonds retained from a new issue done in April.
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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.
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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.
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Newport City Homes (NCH) has sold a £95m private placement to Legal & General, as housing associations soldify their position in the private debt market.
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The Federal State of Schleswig-Holstein has mandated for a 20 year euro trade, as eurozone rates continue to squeeze tighter.
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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.
