Banks

LG Chem, the chemical and battery producing arm of South Korean group LG, launched its first euro and dollar bonds this week, after a long sojourn in the won market. All three tranches, which were also green bonds, were heavily oversubscribed.

Diageo, the UK distiller and brewer, followed its recent habit and issued a multi-tranche bond on Monday — but with a difference. It included sterling notes for the first time since 1995.

The undersupplied European high yield market saw a strong start on Monday, as banks announced new deals from Ineos and Italmatch.

Activist shareholder Edward Bramson’s Sherborne Investors Management has made a detailed critique of Barclays’ markets business in a letter penned to shareholders, saying it did not have enough support from asset management or corporate banking operations to work well.

The dollar sovereign, supranational and agency primary market has kicked off the week with an L-Bank mandate, as bankers continue to see little more than sporadic European SSA issuance in the currency in the weeks ahead.

KfW extended its syndicated euro curve to 2039 on Monday as it brought a new 20 year line that was priced flat to fair value.

Globalworth Real Estate, the London-listed real estate investment trust focused on Romania and Poland, has completed the sale of up to €500m of fresh equity to finance its pipeline of investment opportunities.

DZ Hyp has mandated lead managers for a rare 15 year benchmark Pfandbrief, which is expected to go very well in the context of the negative rate environment and scarcity of supply in this part of the curve. The transaction could well catalyse other issuers to bring 15 year deals of their own.

The Basque Government has picked banks to issue what will be its biggest bond in the public markets for 10 years.

Germany’s FEV Group has signed a €275m five year revolver, with the engine design firm refinancing an old deal and increasing the size of its bank debt in the process.

Sweden’s Gränges has signed $391m-equivalent of loans in krona and dollars, as the rolled aluminium company refinances a US acquisition bank facility.

The UK’s McKay Securities has signed a £180m revolving credit facility, with the office and industrial REIT switching its bilateral loans for a bigger syndicated deal.