Lloyds Bank
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The wheels fell off the IG corporate sterling bond market this week, with one pulled deal and another that barely scraped through. Accusations and recriminations flew over what caused the trouble, which has likely slammed the doors shut on the sterling market until autumn. Mike Turner reports. -
Northern Powergrid (North East) postponed a sterling bond issue on Thursday a day after a housing association trade limped over the line, leaving bankers trying to decipher what caused the market to collapse this week.
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The London branch of South African lender Investec has successfully debuted in the sustainability-linked syndicated loan market.
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PizzaExpress is looking to raise sterling bonds to refinance its capital structure, after bondholders took control of it last year from Chinese private equity group Hony Capital.
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Volkswagen Financial Services on Monday became the latest company to print a sterling bond through its euro curve, but supply for sterling investors is expected to remain limited.
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A smattering of smaller euro issuers made the most of an attractive window this week, as they looked to use the stable conditions to take “some risk off the table” ahead of the summer break.
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UK firms Anglian Water and care home company Assura ducked into the sterling bond market on Wednesday, ahead of the Bank of England meeting on Thursday, and both obtained comfortable oversubscription on their benchmark deals.
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Yorkshire Building Society paid a rare visit to the euro market on Tuesday as it offered a small premium for a €600m preferred senior deal. Bankers expect issuance to slowly dry up over the next few weeks as the market prepares for the summer break.
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Senior and covered bond plans were flowing into the deal pipeline on Monday, with issuers keen to buck the softer tone and print before the start of the summer break.
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