Banks

Demire, a German real estate company, issued €600m of unsecured senior notes on Monday, reducing its average financing costs by 90bp. Investors raised some concerns over the deteriorating German economy and big private equity sponsor Apollo but they lapped up the issue nonetheless.

HSBC is reorganising its corporate finance coverage and sending the co-head of the business, Peter Enns, to Asia as part of a global revamp under Greg Guyett, the bank’s new global banking boss.

Cadent, the UK gas distribution company, is buying back up to £400m of its September 2021 bond and issuing a new one.

The UK’s Royal Mail obtained chunky orders for a seven year euro bond issue on Tuesday, bringing home to bankers how much money is still in the system, despite the heavy issuance of corporate debt in the past month.

MUFG has hired a new head of its derivatives solutions group in EMEA from HSBC.

A Banca Monte Dei Paschi di Siena (MPS) €1bn seven year issued on Tuesday was the most oversubscribed covered bond of its size issued this year and, with 300 investor orders, attracted the most granular order book of the year by a wide margin.

Wind Hellas, the Greek telecoms firm owned by GoldenTree and Cyrus Capital Partners, announced a new €500m 2024 bond on Tuesday to push out its maturities and lock in cash, ahead of Greece’s 5G auction. The deal}s terms allow Wind Hellas to pay a special dividend after selling its mobile phone towers.

Hannover Re has added to a string of recent new issuance from European insurers, opting for an unusual maturity structure for its tier two this week.

Globalworth Real Estate Investments, the London-listed real estate investment trust focused on commercial properties in Romania and Poland, is preparing to raise up to €276.45m of fresh equity to finance its bulging pipeline of acquisitions.

Initial price guidance has been set for two corporate bonds from issuers in the CEE region — EP infrastructure and Metinvest. Both deals expected to be printed later on Tuesday.

Sovcombank printed a tier two bond on Monday at the wide end of guidance and the lowest end of the expected size range, which an investor said was a sign that the deal was “struggling” over the line. But a lead manager on the note pointed to healthy trading on Tuesday and its debut status and said that the issuer had simply taken sensible decisions after an in-depth price discovery process.

Teekay Shuttle Tankers has mandated a $150m “green bond” to fund new oil tankers built to the firm’s “e-shuttle” standards. The deal raises questions about the logic of using green-branded debt instruments to fund fossil fuel extraction.