NatWest Markets

Dexia printed a £1bn trade on Thursday, showing that borrowers interested in sterling can still see success in the UK market if they can be nimble enough around headline risk.

The sterling market came alive this week, with three issuers raising their heads above the parapet after a few slow weeks in the currency.

Terminal Investment Limited (TIL), a port operator headquartered in the Netherlands with terminals in 21 countries, has launched a US private placement (US PP) transaction in euros and dollars.

Tesco has launched a comprehensive liability management across eight bonds, to be funded by a new issue from its recently updated MTN shelf. The move comes as the UK-based supermarket group teeters on the verge of a full upgrade to investment grade status.

NatWest Markets has hired an experienced covered bond trader from Nomura. The move is the latest example of staff swapping between the two firms, but also underscores the UK’s bank ambitions plans.

Despite coming from a tough sector, and having some risks of its own, the UK clothing retailer Next got an order book nine times oversubscribed on Wednesday, on a £250m six year corporate bond issue.

Diamond hires ex-colleague at Atlas — Salorio leaves DCM head vacancy at Soc Gen — Forese to retire from Citi

Hungry for some social purpose, and perhaps a longer maturity, investors hoovered up Yorkshire Water’s first sustainable bond on Thursday. This allowed the UK utility to tighten the pricing to fair value or even tighter.

Ineos, with a split high yield/investment grade rating, announced a drive-by €770m seven year non-call three bond issue on Monday, refinancing its 4% 2023 bond of the same size.

Thames Water’s latest crop of holding company private placement debt issues contains language to protect investors from the effect of a Labour government — and particularly leader Jeremy Corbyn's vow to renationalise the water companies. Debt issued under the new documents features a ‘nationalisation event’ that would make it repayable immediately. Owen Sanderson and Silas Brown report.

After issuing a £500m seven year bond in March, Glencore repeated the performance, this time in the euro market. It issued a €500m 7.5 year bond that achieved a similar book size and price tightening. Telecom Italia also issued for the second time this year, after losing its Fitch investment grade rating on Friday.

Credit Suisse has hired a banker from NatWest Markets for its European financial institutions syndicate team.