UK
-
-
As the European Central Bank meeting suspended euro issuance on Thursday, British Land took the opportunity to grab UK investors’ attention with its first senior bond for 11 years. The £300m 12 year deal followed Tuesday’s £250m seven year transaction from Total, which had an order book of around £600m. -
Nationwide Building Society came out of nowhere to tap its rare and very popular issue of core capital deferred shares (CCDS) this week, piquing the interest of a good many bank credit investors. Nearly every building society can get along nicely without this innovative substitute for equity, but Nationwide’s efforts to keep the product relevant could well make it a viable option for the rest of the mutual sector, writes Tyler Davies.
-
On Tuesday, pharmaceutical firm GlaxoSmithKline returned to the corporate bond market for the first time since November 2014, and its rarity value contributed to combined order books of over €5.5bn for the triple tranche deal.
-
The UK this week once again broke its record order book, with bankers suggesting the huge demand may have been down to investors taking their last chance for ultralong sovereign sterling paper for some time.
-
Sean Weissenberger has moved to Citi to run EMEA chemicals investment banking.
-
LCH SwapAgent has processed its first trades, with Citi and Deutsche Bank becoming the system's first counterparties as they executed a Swiss franc denominated interest rate swap and a euro denominated inflation swap.
-
It is not unusual to hear DCM bankers on sterling deals talk about the sophisticated nature of the investor base. Issuers on roadshows also often say they feel they have the best dialogues with UK-based investors, who have often done their credit work before meetings and want to discuss details in more depth than the usual page turning of an investor presentation deck.
-
Steven Jensen is leaving his loan syndication sales position at Nordic bank SEB in London to join Norwegian bank DNB.
-
A mid-market shake-out is under way in UK corporate broking as global banks and smaller rivals jostle for supremacy, writes David Rothnie.
-
The marketing of French oil company Total’s £250m seven year bond issue on Tuesday was the second attempt in recent months to reconfigure the way investors are sold bond deals. The first attempt by Vodafone, in July, struggled to gain support euro investors. However, the response to the Total deal suggests that approach could be replicated, at least in sterling. Nigel Owen reports.
-
Spanish clothing retailer Cortefiel priced its leveraged buyout bond on Thursday, in a sign that the high yield market is open for challenging credits.
