Banks

NRW.Bank has joined the list of dollar issuers this week, as the beneficial euro/dollar swap spread for euro funders and tight spread over Treasuries for dollar names proves an attractive lure.

LBBW attracted good demand for a $750m three year Reg S Pfandbrief on Tuesday, enabling the issue to be priced in line with where 144A deals had been indicated in the secondary market. A day later Deutsche Pfandbriefbank issued another three year.

Norkse Skog, the Norwegian paper manufacturer subject to one of the bloodiest restructurings in European high yield this decade, is ready to test the market again, just over a year after Christopher Gate’s Oceanwood Capital Management took over the troubled company.

Schaeffler’s holding company priced on Wednesday a huge four tranche PIK toggle bond, part of a comprehensive refinancing that will cut its debt load by €500m and push out its maturities.

Allied Irish Banks was able to pay a minimum new issue premium for its third home-currency senior bond issued from the holding company, as it builds up its debt for minimum requirements for own funds and eligible liabilities (MREL). HSBC was also issuing from its holding company on Tuesday, but in sterling.

Broadview Industries, a Dutch investment holding company, has launched a €200m multi-maturity dollar and euro Schuldschein. It offers a chunkier pick-up for investors than some of the domestic German deals on offer.

One of Europe’s most senior equity capital markets bankers, Craig Coben, is on leave from Bank of America, pending an internal investigation into the accidental disclosure of inside information on social media.

Commerzbank did not appear hindered by uncertainty around its future in its senior preferred issue on Tuesday, while Nordea picked up green demand for its own offering. Meanwhile, BNP Paribas drove in pricing on its senior non-preferred deal, and ended up turning off some investors altogether.

Kuwait International Bank hit screens on Tuesday morning announcing a roadshow for its first ever bond — an unrated additional tier one sukuk with a five year call date.

Latvia re-opened its 2049 line on Monday, bringing the total to €1bn with a tap that came almost flat to its curve and completed its funding programme for the year.

UniCredit's London-based head of corporate loan syndication for central and eastern Europe, Russia and the CIS has retired.

Andalan Finance Indonesia, an auto finance company, is in the offshore loan market seeking a $50m deal.