NatWest Markets
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After three sterling bonds this week from the eurozone, the cross-border issuance in the currency reached its highest ever year-to-date level, according to Dealogic. -
A survey of 2,350 bankers has found that NatWest Markets, HSBC and Barclays had the largest proportion of bankers saying they were happy with their 2018 bonuses, while Société Générale, Citi and BNP Paribas had the lowest proportion.
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A slew of deals hit screens in sterling this week, allowing SSA borrowers from three continents to pick up a combined £1.175bn ($1.55bn) in funding — including one borrower’s largest-ever deal in the currency.
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Retailer J Sainsbury and metals tycoon Anil Agarwal kept sterling denominated M&A running at full pace this week, after a quarter with the biggest volume of loans in the currency in five years.
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UK retailer J Sainsbury’s has signed a £3.5bn loan package to back its acquisition of Walmart-owned Asda, with the company raising more debt than the cash component of the deal despite analysts raising concerns about the borrower’s recent debt levels.
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Richard Gathercole has been appointed as a director in high yield sales at NatWest Markets, the capital markets division of Royal Bank of Scotland, where he has had several roles in speculative grade and distressed debt since 2007.
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The UK’s International Public Partnerships has amended and extended its £400m bank facility, keeping the sterling loan market going at full pace after it recorded its busiest quarter in five years at the end of June.
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Sovereign, supranational and agency borrowers were out in force this week, but the second busiest week of the year for euro funding was notable for the lack of price tension on many deals.
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There was a smattering of sterling deals from public sector borrowers this week, as the biggest issuer in the currency — the UK Debt Management Office — provided details for its next syndication.
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Spain’s Masmovil has completed a second round of refinancing on its bank loans, shaving a further 100bp off the cost of its total debt pile and ramping up the size to €831m.
