RBC Capital Markets

Dutch insurer NN Group followed up a successful flotation — at $2.1bn, the largest IPO from a European entity this year — with a perpetual subordinated deal on Tuesday. Some bankers away from the deal were critical of it for failing to draw as large an order book as the issuer’s last offering.

Nationwide on Tuesday became the third British financial institution to offer a three year floating rate note (FRN) in covered format this year. Looking to harness the remnants of the momentum it built in the market during its dual tranche euro deal at the end of last month, the building society’s deal was more oversubscribed than the other two similar deals done this year — from Abbey and Lloyds Bank — which were priced in January.

Ferrovial, the Spanish company that calls itself the world’s leading private investor in transport infrastructure, issued a €300m 10 year bond on Tuesday, in a tough market.

Following its successful $2.1bn flotation last week — the biggest European intial public offering this year — NN Group is set to sell a subordinated perpetual non-call 12 year debt that will rank pari passu with the 4.625% €1bn 30 year non-call 10 transaction that the insurance company sold in April.

Using a special purpose vehicle, Dutch port terminals developer Heysta Energy has priced the €350m facility that backs its buyout of HES Beheer.

Dutch insurer NN Group is likely to hit the subordinated debt market later this week with a euro deal, its second of the year, mandating banks on Monday for an investor call. The investor update follows the issuer’s listing on the Amsterdam stock exchange last week.

The State of North-Rhine Westphalia showed that Swiss franc investors still have an appetite for high quality paper when it returned to the market after a three year absence this week. The paper sold well to a clutch of investors on the hunt for high grade paper, despite a punitive spread through mid-swaps.

RBC Capital Markets has hired Andrew Graham and Neil Weatherall as managing directors in sterling rates trading. Graham will be head of sterling rates while Weatherall will be head of sterling inflation trading. Both will report to Alastair Hollingdale, head of European rates.

The UK Debt Management Office raised £5bn of January 2045 money this week with a deal that was several times subscribed — despite the potential of an appearance by the governor of the Bank of England before the Treasury Select Committee to induce volatility in sterling bond markets during the book-build. The deal was one of two DMO syndications this week, coming a day before its debut sukuk bond (see cover story).

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A special purpose vehicle linked to Heysta Energy, the Dutch port terminals developer, is set to launch a €350m acquisition finance facility to buy HES Beheer.

Searing domestic demand for supranational paper allowed the World Bank to sell the largest Kangaroo bond in four years on Tuesday. The deal was the issuer’s second non-core dollar blowout in as many weeks, following its execution of the largest ever Kauri deal on June 13.