NatWest Markets
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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. -
Motability Operations Group, the UK company that operates the UK government's scheme to provide cars for the disabled, printed a £1.438bn-equivalent euro and sterling three tranche bond on Wednesday, in a busy day that also brought a €1bn two part issue from OMV, the Austrian oil and gas company.
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Rentenbank failed to achieve subscription for its €500m 10 year trade on Tuesday, despite offering a positive yield and a maturity that has been labelled the ‘sweet spot’ in the euro public sector bond market.
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Europe's investment grade corporate bond market began the week with a hefty pack of new bond issues, as issuers were spurred on to bring deals by last week's rally and the favourable performance of past prints.
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Three Nordic banks and one British bank placed paper in Swedish krona this week. NatWest Markets made its debut in the currency, while Scandinavian-based Avida Finans printed its first AT1. Avida Finans plans to follow this debut AT1 with a future stock exchange listing.
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NatWest Markets is piloting a bilateral loan option for some of its corporate clients that uses the Sonia benchmark instead of the scandal-hit Libor, in a move the bank says is a first for the market.
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Toronto Dominion Bank has become only the second borrower from outside of the UK to sell a Sonia-linked covered bond, having quickly met enough orders on Monday to launch a £1bn offering in the sterling market.
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Saudi Arabian banks Alawwal Bank and Saudi British Bank have completed their merger. The deal is yet another bank tie-up taking place in the Gulf, as lenders strive to stay competitive. Royal Bank of Scotland, which held a stake in Alawwal, has received capital relief from the transaction.
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With equities in green, Thursday was a fair sailing day for corporate bond issues in Europe, and five issuers took advantage, including two French names and two Swedish. Demand was strong and terms tight.
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The Inter-American Development Bank this week capitalised on a dearth of supply at the 10 year point of the curve to print its second dollar benchmark of the year.
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Three SSA borrowers issued a total of £200m ($255m) of medium-term notes in response to an inquiry for three year non-call one fixed rate sterling bonds on Tuesday — which probably all sold to the same buyer — amid an uptick of paper in the currency.
