UK
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BMW tapped into the increasing pace of corporate sterling bond issuance as it issued a benchmark six year offering against the backdrop of anticipated central bank intervention in the market. -
BNP Paribas and HSBC followed Barclays into the sterling market on Monday, revealing opportunities in the currency following last week’s Bank of England meeting as spreads grind tighter and book sizes grow.
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Royal Bank of Scotland has abandoned plans to float Williams & Glyn, the subsidiary it must sell by the end of 2017, after it announced a worse-than-expected loss of £2bn in the first half of 2016.
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Vodafone continued to throw primary supply at European corporate bond markets on Friday, printing its third bond in two weeks as it issued a £1bn 40 year deal.
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Barclays raised its first sterling senior debt from its holding company on Friday, taking advantage of a spread rally to round off a big push for holdco this week.
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Royal Bank of Scotland’s plans to return to profitability have taken another blow after the bank posted a worse than expected £2bn first half loss on Friday morning, which it blamed on mounting legal costs.
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The Singapore Exchange is going ahead with its plan to acquire London-based Baltic Exchange for £77.6m ($101.7m), half a year after submitting a non-binding bid for the shipping bourse.
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The era of monetary stimulus has become a parade of diminishing returns that cannot continue if health is to return to the global economy.
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The Bank of England sent the sterling corporate bond market down the path of monetary distortion this Thursday as it resurrected quantitative easing, including the asset class on its target list. Ross Lancaster reports.
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It was a tale of two interventions this week, as Japan underwhelmed markets with its stimulus plan while the Bank of England delivered more than expected, in moves that also sent the yen and pound reeling in different directions.
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A bigger than expected push towards monetary easing by the Bank of England on Thursday sent Gilt yields to new record lows, but unfavourable basis swap rates and a rampant dollar market means an uptick in arbitrage funding in sterling by public sector borrowers is unlikely, said bankers.
