NatWest Markets
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South East Water, the UK water supplier headquartered in Kent, has debuted in the US private placement (US PP) market, according to participants in the sector. -
NatWest Markets has hired an SSA banker, GlobalCapital understands.
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The Spanish Treasury is studying the possibility of issuing green bonds — a shift from its previous position on the format — after the country’s government last week outlined a series of measures to decarbonise the economy by 2050. Spain is also adjusting its inflation-linked bond issuance strategy this year. If the sovereign does decide to issue green bonds, it is likely to find strong demand, with one of its own debt issues as well as a returning Spanish region this week being heavily oversubscribed.
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PlayTech, the UK-based gambling technology company, announced its second high yield bond issue on Tuesday afternoon, seeking to raise €350m to redeem an out-of-the-money convertible bond issued in 2014. During the roadshow, it confirmed a new contract with UK gaming group GVC, which helped it print tight in a market that was already supportive.
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Spain's no-grow €5bn 15 year syndication on Tuesday was only marginally short of breaking the record order book for a public sector euro benchmark that the sovereign set only last month, despite some investors saying that the deal offered little or no concession.
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The European Stability Mechanism on Monday took care of all its first quarter funding needs in one fell swoop, drawing a heavily oversubscribed book with high Asian demand that allowed 2bp of price tightening. On-looking SSA bankers said the deal was a good sign for — and likely gave confidence to — Spain, which is bringing its second syndicated benchmark of the year on Tuesday.
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Rentenbank printed at a tight spread on Thursday with a 10 year euro benchmark, swelling the deal to €1.25bn.
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Rentenbank hit screens on Wednesday to announce a 10 year euro benchmark, joining a resurgence of long-dated euro supply.
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Bromford Housing Association has issued a lengthy US private placement, involving a US institutional investor which had never invested in the asset class before.
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Royal Bank of Scotland’s commercial banking division grew its operating profit last quarter, its latest results revealed last Friday, despite corporate clients steering away from spending as they await the outcome of Brexit. Its investment bank, NatWest Markets, endured a difficult quarter, however.
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Highgate School is marketing a US private placement (USPP), according to two USPP players. The market has become a home for private and public schools looking for long-term financing.
