Nomura
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A pair of borrowers braved dollar issuance this week after volatility in US Treasuries last week led to a pair of undersubscribed deals. But so far the market recovery has taken the shape of a pair of ultra conservative German borrowers at the short end of the curve. Bankers will have to wait until next week to see an issuer test demand in the belly of the curve.
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Sovereign, supranational and agency bankers are waiting for a borrower — possibly Sweden — to attempt a benchmark in the belly of the curve to test the strength of sentiment after extreme volatility in US Treasury markets last week led to a pair of undersubscribed deals in dollars. -
KfW had to keep books open for longer than it is used to when selling a three year dollar benchmark on Tuesday, but it still impressed bankers by getting the trade away at a tight level. Viewed as a deal breaker for other issuers to come in dollars this week, KfW’s success meant that more trades could join FMS Wertmanagement, which mandated banks for a two year deal on Tuesday afternoon.
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KfW is set to bring a three year dollar benchmark on Tuesday, in what bankers say could be a tight window for issuance in the currency. At least two other borrowers are thought to be looking at dollar deals this week, but may wait for KfW to test the water first.
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UK car breakdown recovery firm RAC set out price guidance on its £1.25bn loan at a London bank meeting on Thursday.
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UK car breakdown recovery firm RAC marketed its £1.25bn recapitalisation and refinancing loan to lenders on Thursday, signalling that the leveraged loan market is battered but still functioning.
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The head of Nomura's EMEA global finance division will leave the bank, to be replaced by HSBC's Simon Deeny and head of ECM Ken Brown.
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UK car breakdown recovery firm RAC has launched a £1.25bn loan to refinance debt and recapitalise its debt structure after the Government of Singapore Investment Corp became a shareholder in the company.
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Abbey National returned to the sterling senior unsecured market for the first time since 2010 this week. Although the market had softened, the Santander-owned UK bank’s 15 year deal performed well.
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The head of rates and solutions structuring at Nomura in London is set to leave the firm after being put "at risk".
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Abbey National returned to the sterling market in senior for the first time since 2010, printing a long-dated deal that was snapped up by investors amid a dearth of senior supply.
