NatWest Markets
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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. -
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.
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The World Bank has returned for its third Sonia-linked note, with the issuer taking indications of interest for a 3.5 year sterling benchmark trade.
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After 10 days of very scanty issuance and some weak markets, more stable conditions on Tuesday brought a salvo of five deals to the euro corporate bond market, offering a wide range of single-A and triple-B credits.
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The State of Schleswig-Holstein returned to the market with a 10 year note on Tuesday. Meanwhile, KfW has announced a new five year euro deal, following on from January’s record KfW book for the maturity.
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Redexis, the Spanish natural gas distribution company, is making its first step into sustainability-linked borrowing, while amending and extending its revolving credit facility.
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The UK corporate bond market is getting its first taste of a trend that could dominate liability management in the coming years. Associated British Ports this week asked holders of its £65m 2022 floating rate note to consent to switching the bonds’ reference rate from Libor to Sonia. Alex Radford and Ross Lancaster report.
