NatWest Markets has won mtn-i’s “Deal of the Year 2020” awards for its €500million 0.19% transaction for Thames Water and its €250million deal for German publishing group Bertelsmann.   

 mtn-i – the real-time news, data and analytics platform for Medium Term Notes (MTNs), Private Placements and Structured Notes – selected outstanding transactions across 14 categories, noting the vital contribution that MTNs made for issuers and investors amid the COVID-19 pandemic.

The awards highlight NatWest’s leading position in the MTN market: NatWest Markets was the largest dealer for Sterling Corporate MTN transactions in 2020 and ranked 6th in the overall Corporate MTN league table (all currencies).

Thames Water transaction a win-win for issuer and investor

In September last year, Thames Water sought funding away from the public market and, in order to diversify its investor base, was looking to raise capital from non-UK investors. NatWest successfully sourced demand from a German fund, a new investor for the issuer, thus meeting Thames’ diversification objective.

The transaction priced at an attractive funding level for the issuer and also represented a positive Euro-yield for investors – a rarity for the utility sector in Euros in the short end.

When Thames Water was interested in upsizing the deal volume, NatWest managed to generate additional interest, tapping the initial €300milion 3-year MTN note twice to bring the total size to €500million, making it the largest transaction for Thames Water in 2020.

NatWest arranges large Private Placement for Bertelsmann

NatWest brought together its customer Bertelsmann and an investor looking for a shorter-dated Euro MTN investment opportunity. Our team facilitated the discussion between the two parties about the deal structure and successfully placed the two-year €250million 0.15% Callable with the investor. The transaction marked a significant Private Placement for Bertelsmann and allows the company to manage its cash position with great flexibility.

Teamwork delivers stand-out transactions

Commenting on the awards Marc Falconer, NatWest, said: “We’re thrilled that mtn-i has recognised the work of both our customers and our teams, to achieve successful transactions which stood out in the MTN market. And we’re also grateful to be appreciated for our commitment and support for our customers during a challenging year.” 

Richard Patey, NatWest, added: “Winning the mtn-i Deal of the Year award is a fantastic achievement, and we congratulate our customer Thames Water. We’re very pleased that the exceptional teamwork on both the customer and our side has not only led to a great transaction and customer outcome but also earned us such a prestigious accolade.”

Marco Sterly, NatWest, concluded: “We’re very pleased to have facilitated such a flexible funding solution for our customer Bertelsmann. The solution, which incorporated call features, allowed the company to manage its cash position with great versatility. The structural aspects of this transaction made it a special one for the MTN market, and so we’re very happy that our customer has been externally recognised.”

The information provided in this article has been prepared by National Westminster Bank Plc (NatWest) for information purposes only and is subject to change from time to time. The information and views expressed should not be treated as advice or a recommendation of any kind. NatWest makes no representation, warranty, undertaking or assurance of any kind (express or implied) with respect to the adequacy, accuracy, completeness or reasonableness of the information provided and disclaims all liability for any use you, your affiliates, connected companies, employees, or your advisers make of it. NatWest accepts no liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this material or reliance on the information contained herein. However, this shall not restrict, exclude or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not be lawfully disclaimed.

Copyright 2021 © NatWest Bank Plc. All rights reserved.

scroll to top