NatWest Markets
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The head of sovereign, supranational and agency (SSA) debt capital markets at NatWest Markets will move to the bank’s Paris office over the summer as part of preparations for the UK’s withdrawal from the European Union, GlobalCapital understands. -
Associated British Ports is planning to become the first bond issuer to solicit the consent of bondholders to change the terms, so that the coupon switches from Libor to Sonia.
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Vodafone, the UK-based telecoms company, became on Tuesday the latest issuer to enter the green bond market for the first time, delivering on expectations raised when it published its Green Bond Framework last August. The €750m green note was the shortest of three tranches in a €2.5bn deal that drew €8bn of demand.
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Tennet, the Dutch electricity transmission company and frequent green bond issuer, returned to the public bond market on Monday, after nearly a year away. It offered benchmark 11 and 20 year euro tranches.
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NatWest Markets and Crédit Agricole both came to the market on Monday with supply from the safest end of the capital stack. Both deals were heavily subscribed in the face of trade war tensions and uncertainty over Brexit.
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Thursday’s corporate bond new issue action in Europe confirmed the picture presented on Wednesday: that investors were determined not to let macroeconomic issues bother them, and were piling into new issues. The day was less blemished than the previous one had been by volatility, enabling issuers to get some very tight spreads.
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Two issuance platforms are approaching readiness: one in bonds, one in loans. Both promise time and cost savings by replacing multiple systems with a single platform for issuers, dealers and investors, and automating documentation and payments.
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Gilts are profiting from safe-haven flows, said Robert Stheeman, chief executive of the UK Debt Management Office (DMO), which, this week, sold its first syndicated note of the 2019/20 funding year — a 6.5 times subscribed issue.
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The EU has fined five big banks about €1.1bn in total after it found that some of their currency traders were involved in a foreign exchange cartel.
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Société de Financement Local (SFIL) has picked banks to sell its first benchmark in euros this year.
