NatWest Markets

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.

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.

Rentenbank printed at a tight spread on Thursday with a 10 year euro benchmark, swelling the deal to €1.25bn.

Rentenbank hit screens on Wednesday to announce a 10 year euro benchmark, joining a resurgence of long-dated euro supply.

Bromford Housing Association has issued a lengthy US private placement, involving a US institutional investor which had never invested in the asset class before.

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.

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.

Two Nordic telecoms companies sold euro corporate bonds this week after both spending nearly two years on the sidelines. Both employed no-grow strategies, and Swedish company Telia sold the longest maturity corporate bond deal of 2019 so far.

UK media company Future has signed a £90m revolver and an infrastructure project is attracting continental demand, as European banks still show strong interest into sterling-denominated transactions despite the uncertainty around Brexit headed into Thursday’s parliamentary debate.

On Thursday, the European corporate bond market saw its second Nordic telecoms new issue of the week. Finnish company Elisa used the same no-grow strategy as its Swedish peer Telia used on Tuesday, but for a smaller deal.

On Tuesday, Swedish telecoms company Telia sold the longest maturity corporate bond deal of 2019 so far. Telia had not been to the market for nearly two years, but has a history of long-dated issuance.

Highgate School is marketing a US private placement (US PP), according to two US PP players. The market has become a home for private and public schools looking for long term financing.