Lloyds Bank
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Aviva has asked investors to agree to a change in the terms of three of its tier two bonds, to try and make sure they revert to spreads over Sonia rather than Libor if they live on past their first call dates. -
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The short Easter week saw a timid showing of new high grade corporate issuance in the European market but investors snapped up the trades that were on screens.
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Gatwick Airport got a bulging order book for its return to the senior funding market, weeks after the UK airport got chunky demand for its debut subordinated transaction.
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Macquarie Bank ended a seven year absence from the sterling market on Wednesday morning, having postponed its comeback transaction a week earlier.
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Utmost Group, a UK life assurance group, has made a roughly £483m cash offer to buy high net worth investment platform provider Quilter International, with four banks lined up to provide debt for the deal.
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The Guinness Partnership, a UK affordable housing company, has signed a £150m revolving credit facility linked to Sonia from day one, as loan market participants say momentum is growing to leave Libor behind before the end of year deadline.
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London’s Heathrow Airport flew into the investment grade bond markets again on Tuesday, while its rival Gatwick Airport was marketing a high yield issue.
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Property developers R&F Group and CC Land Holdings are jointly looking for a dual currency loan of £476.7m ($653.5m)-equivalent to develop a project in London.
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Repsol, the Spanish oil company, brought a junk rated hybrid capital bond on Monday, but orders fell away towards the end of the execution process as debt bankers say investors are becoming more price sensitive.
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The sterling corporate bond market had three visitors on Wednesday, making it the busiest day this year, and raised a combined £1.565bn, an unusually large amount for corporate sterling issuance.
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Lancashire Holdings issued its first subordinated bond this week, a Reg S dollar tier two. There has been a near complete absence of insurance capital trades from the euro and dollar markets so far this year, but bankers are confident that more will follow.
