Nomura
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Royal Bank of Scotland launched its debut social bond on Friday, attracting over €2bn of orders for its €750m offering. The trade benefited from a favourable backdrop in the primary market and an increased appetite for UK credit caused by a scarcity of issuance from the country this year. -
A pair of public sector borrowers hit the dollar market this week, pulling off strong deals at three and five years. Both enjoyed a clear field as euro-based borrowers stuck to their home currency thanks to an unpalatable basis swap rate.
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The European Bank for Reconstruction and Development (EBRD) focused “on price over size” but achieved both when it brought its third Sonia-linked floating rate note (FRN) to the market this week, according to one of its leads.
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Two SSA borrowers tapped the seven year part of the euro curve this week, but came away with different results. Luxembourg received an oversubscribed book for its deal on Wednesday, while Nederlandse Waterschapsbank (NWB Bank) had to price without fully placing its €1bn trade.
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A move in the Bund curve left the market too volatile for Nederlandse Waterschapsbank (NWB) to fully place its seven year euro benchmark on Thursday.
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The European Bank for Reconstruction and Development came to market on Wednesday with its fourth Sonia-based floater.
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The Swedish Export Credit Corp printed a $1.25bn three year global benchmark bond on Wednesday, tightening the spread to land flat to its curve and aided by a favourable move in swap spreads.
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Bajaj Finance, an Indian non-bank financial company, raised Rp84.6bn ($1.2bn) this week, closing a qualified institutional placement that defied the challenges facing the sector.
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The Province of Alberta came to market on Tuesday for a five year dollar global bond, paving the way for the Swedish Export Credit Corporation (SEK), which announced that it will hit the three year bucket on Wednesday.
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Royal Bank of Scotland is preparing to sell its first social senior bond from its holding company, giving investors a rare chance to add exposure to a UK issuer in the format.
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Spanish banks are using strong market conditions to their advantage towards the start of November, with Banco de Sabadell completing its annual funding plans this week and UniCaja Banco getting ready to launch its debut tier two transaction.
