NatWest Markets
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The UK’s Hyde Housing Association has signed two bank facilities totaling £350m, with the sector again providing business for deal-starved lenders. -
Last week’s tightly priced bond issue by KfW has inspired a slew of issuers to print three year dollar notes this week, a banker said. The Asian Development Bank was first off the blocks on Tuesday with a new benchmark, and Export Development Canada and Erste Abwicklungsanstalt are set to follow.
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The UK Debt Management Office (DMO) issued its 60th syndicated bond on Tuesday and signalled a “smooth” start to the second quarter of its 2019–20 financial year, as it printed an inflation-linked tap that was eight times oversubscribed.
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KfW tapped its December 2025s for £300m on Monday, with the solid demand for the trade being seen as a good omen for the UK sovereign’s sterling linker tap expected this week.
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Two UK housing associations have hit the loan market, with Sovereign signing its first unsecured revolving credit facility and Hyde bringing two facilities totalling £350m.
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A public sector debt capital markets banker is returning to NatWest Markets, where she worked between 2010 and 2017, GlobalCapital understands.
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The UK’s Wilmington has renewed its sterling revolving credit facility, with the digital business publishing house switching out one of its lending banks in the process.
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UK train leasing firm Porterbrook has sent out requests for proposals to US private placement agents, for a prospective return to the market.
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An undersupplied sterling bond market was on Wednesday given two new corporate deals to chew on: a £350m three year from carmaker BMW and a £250m no-grow eight year from UK retailer Marks & Spencer. Abertis Infraestructuras, the Spanish roll road operator, also offered a €1.3bn six and 10 year deal.
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The UK’s National Express has become the first company to sign a loan benchmarked against Sonia, as part of NatWest’s pilot programme to shift away from the scandal-hit Libor standard.
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Gatwick, London's second airport, offered a £300m no-grow 30 year bond into a quieter corporate bond market on Thursday, while Engie, the French power and gas group, issued a €500m non-call 5.75 year hybrid. This slowing of issuance from the frenetic pace earlier in the week was welcomed by bankers concerned investors might have been overtaxed.
