NatWest Markets
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There was high demand for dollar SSA paper as Kommunalbanken (KBN) printed at its tightest ever spread against the US Treasuries on Wednesday. Meanwhile the Province of Ontario has mandated for its own benchmark transaction. -
Investors piled into deals for Spain and Italy on Wednesday despite the miniscule yields on offer, as the spectre of further easing of monetary policy looms large over the market.
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Associated British Ports defied sceptical observers this week and succeeded in persuading holders of a £65m floating rate note to switch its coupon to one set over Sonia — a global first. ABP managed to do it without paying investors a fee, potentially setting a precedent for others to follow. ABP is certainly likely to try again.
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Ford Motor Credit and Aéroports de Paris issued investment grade corporate bonds in Europe on Tuesday, while Spie joined them with an IG-style but high yield-rated deal.
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Kommunalbanken has mandated for a 2024 dollar benchmark, as SSA bankers say the market remains positive for new issuance.
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Oberbank sold a senior bond in euros on Wednesday, following in the footsteps of NatWest Markets, Luminor Bank and Svenska Handelsbanken, which on Tuesday also issued senior deals. NatWest attracted the largest order book for its floating rate notes.
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The UK’s NCC Group has renewed its £100m revolving credit facility to stretch out the maturity, as loans bankers say the pipeline is looking bleak at the halfway point of the year.
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This week is set to be busy in Europe's investment grade corporate bond market, despite yet another dead day on Monday because of public holidays. Equities rose on Monday and sentiment is good; market participants have decided they are comfortable with what they got from the European Central Bank on Thursday.
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The World Bank won a strong response from sterling investors on Thursday, adding a second tranche to its deal midway through execution to get to a total deal size of £1bn.
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KfW returned to the market on Wednesday for its second five year euro benchmark of the year. The €5bn 0% July 2024 note was issued with the lowest yield the German agency has ever paid.
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KfW returned to the market for its second five year euro benchmark of the year. The €5bn zero coupon note was issued with the lowest yield ever printed by the German issuer.
