NatWest Markets

Société du Grand Paris (SGP) mandated banks on Monday for its second benchmark green bond, following its debut last October. Meanwhile, KfW hit screens for a long three year benchmark, the agency’s third benchmark in euros this year.

KfW sold a tap in sterling on Monday with lead managers maintaining that the choice of an intraday execution was “key” ahead of a vote in UK parliament on prime minister Theresa May’s revised Brexit deal.

Telefónica, the Spanish telecoms group with €55bn of debt, came to the euro market on Tuesday to refinance two of its hybrid capital bonds. It launched a tender offer for the pair, which now total €1.3bn, and a hybrid new issue to replace them, tacking on opportunistically a 10 year senior bond issue.

Achmea, the Dutch insurance holding company, has signed a €1bn sustainability-linked refinancing loan, in what one bank said was the first deal of its kind in the country's insurance sector.

The Asian Development Bank broke two records on Thursday as it printed its biggest sterling deal to date and took non-UK SSA issuance in the currency to a record level for a half year. Supply is likely to take a breather next week owing to some crucial Brexit votes in the UK Parliament, but SSA bankers are confident the market will not take long to spark back into life.

Rating: Aaa/AAA/AAA

EMEA loans bankers are taking some positives from developments in the wider capital markets.

Heathrow, Europe’s busiest airport, may be facing what could be one of the biggest disruptions in its history, in the shape of Brexit, but its approach to the bond market on Tuesday was smooth. Having roadshowed last week, it glided in on the wave of credit demand and landed this year’s fourth corporate 15 year issue in euros.

A US pension fund has filed a class action suit against two of the banks suspected by the European Commission of breaching EU competition law in their trading of European government bonds between 2007 and 2012.

NatWest Markets has made some hires in strategy across emerging markets, rates and foreign exchange.

The European Investment Bank and FMS Wertmanagement sold well oversubscribed issues in the sterling SSA market on Tuesday before an expected quieter period for new issues in the currency next week as parliament votes on prime minister Theresa May’s revised Brexit deal.

The European Investment Bank will look to extend the Sonia-linked floating rate note curve on Tuesday with a seven year trade. On-looking bankers welcomed the development but said it would not lead to a rush of issuers heading for that part of the curve.