NatWest Markets
-
-
French electricity grid operator Réseau de Transport d’Électricité this week took the record for the largest order book for a new 20 year corporate bond in style when it received €5.5bn of orders. The size of the demand was more than double the €2.3bn book, which had given the record to French tyre manufacturer Michelin three weeks before. -
NatWest Markets attracted €4bn of demand for a short-dated floating rate bond on Wednesday. Bankers on and off the deal disagreed about the size of new issue premium offered.
-
French building materials producer Saint Gobain received overwhelming demand for its second benchmark issuance of 2018. A combined order book of €7bn meant the issuer could have sold a much larger deal than the €1bn size limit it imposed on itself.
-
UK property company Grosvenor Britain & Ireland placed three private placements with six different investors this week, two of which were new to the credit. Some of the funds will go towards the firm's plans to help ease the UK's housing shortage.
-
Daimler raised £500m when it reopened the sterling corporate bond market two weeks ago following the summer break — and nothing more was seen in the currency until this week, when two deals raised a combined £1.1bn.
-
Dutch grid operator Stedin and French utility Suez offered investors more of the same when they tapped into what has been strong demand for longer dated corporate bonds on the same day, but found that appetite is starting to wane.
-
After a drought of new investment grade corporate bonds from the telecom sector, French operator Orange made it two in two days after Telefónica sold a seven year trade on Tuesday. Orange offered a 12 year tranche as well as another seven year offering, but had to leave something on the table to achieve a €2bn print.
-
On the same day BMW reopened the euro corporate bond market following the summer break, Daimler reopened the sterling market. On Wednesday, BMW decided to follow a similar path to Daimler for its own sterling deal, but could not achieve quite the same success.
-
Telecom infrastructure firm Circet Odyssee has joined the early September pipeline of deals in the euro leveraged loans market with a small tap. It will fund the buyout of Irish peer KN Group, with parent company Advent planning to merge the companies.
-
Growing fears that the UK could crash out of the EU without a deal are starting to weigh heavily on UK banks. The country’s most prominent issuers are finding it harder to drum up support for their bond deals, as investors find plenty of alternatives elsewhere. Tyler Davies reports.
-
The euro senior corporate market slowed right down over the summer, but the actual break in issuance was for barely two weeks. For hybrid deals, however, it was nearly seven weeks from the last new issue to Belgian electricity grid operator Elia’s deal this week.
