NatWest Markets
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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.
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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.
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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.
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Credit Suisse has hired a banker from NatWest Markets for its European financial institutions syndicate team.
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The UK’s McKay Securities has signed a £180m revolving credit facility, with the office and industrial REIT switching its bilateral loans for a bigger syndicated deal.
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Sovereign, supranational and agency (SSA) issuers burst into the second quarter with a scorching week that saw plenty of big books and minimal or negative premiums.
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Spain’s Acciona has signed a €675m environmental, social and governance-linked loan. Lenders piled into the infrastructure and renewable energy group's deal after launch, enabling the size to grow by 35%.
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Swedish Export Credit joined the growing ranks of public sector issuers that have priced bonds though its curve this week when it printed a $1bn 2021 bond with a negative premium.
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Public sector borrowers were able to achieve zero or negative new issue premiums and close books early in the euro market on Tuesday as investors piled into haven assets amid a weaker outlook for global growth.
