Banks

Citi has hired two senior real estate focused bankers from HSBC, adding them to its investment banking team in Hong Kong.

Swedish heating and ventilation service provider Assemblin is braving the euro-denominated high yield market for the first time with €250m bond issue, used for refinancing and dividends. Exceptionally favourable conditions lured Triton-backed Assemblin to try its hand with international investors.

DNB Markets has hired a banker from UniCredit to join its leveraged finance team in London.

Arkema, the French speciality chemicals and advanced materials company, launched a €500m no-grow benchmark bond on Monday, which it managed to price in line with its outstanding debt.

German family-owned tissue and toilet paper manufacturer Wepa is marketing €550m of senior secured notes with an intention to extend maturities and slash interest expenses. It is following a number of other double-B issuers in to the market.

High grade corporate borrowers have crammed into what syndicate bankers have labelled the last clear issuance window of the year, with Stryker Corp, Tesco and Arkema out with euro trades.

Akuo Energy, a French renewable energy producer, has sold €45m of green Euro Private Placements (Euro PP), as the sustainable element in the market grows.

The Society of London, better known as Lloyd’s of London, has raised £300m ($387.15m) in its first US private placement (US PP) in its 333-year history. The insurance market achieved tighter margins with lengthier tenors, according to market sources, as the A+/AA- rated borrower benefited from US institutions swapping back to dollars.

Switzerland’s Also Holding has signed a €300m revolving credit facility, with the B2B technology company making the step from bilateral to syndicated lending.

France’s LVMH has agreed to buy jeweller Tiffany & Co. for around $16.2bn, with Bernard Arnault’s luxury goods group having to up its offer to $135 a share.

Uzpromstroybank, the BB-/BB- rated bank that is majority owned by the Uzbek government, had racked up more than $800m of orders by lunchtime on Monday for its five year dollar bond.

Raiffeisen Bank International (RBI) managed to attract a convincing order book for its debut covered bond issued on Monday following a roadshow, largely thanks to the rare double-digit spread it paid over mid-swaps, and the compelling pickup compared to its Austrian peers.