Banks

Austria's 10 year syndication on Tuesday received a final order book that was almost twice the size of its previous record volume. Belgium was also in the market with its second OLO of the year, opting this time for a much longer maturity. Both deals were in keeping with eurozone sovereign supply this year, comfortably printing a combined €10bn from over €55bn of orders.

Shares in Norwegian Air Shuttle, the Norwegian budget airline, fell 25% on Tuesday after the company announced an Nkr3bn (€308m) rights offer to avoid breaking its financial covenants following widening losses and an abandoned takeover attempt by IAG.

MET Group, the originally Hungarian, now Swiss-based energy trading, generation and distribution company, has agreed an €885m revolving credit facility. It has more than doubled the amount of bank debt it has available in the past three years.

French insurance firm Scor said on Tuesday that it was looking to take legal action against compatriot Covéa, as well as Barclays and Rothschild, in relation to a rejected acquisition proposal. Covéa had announced earlier in the day that it was no longer looking to combine with Scor.

Società per la Gestione di Attività (SGA), Italy’s bad loan management vehicle, is preparing to sell its first senior unsecured bond in the euro market. The company’s funding needs have risen amid a growing focus on cleaning up the Italian banking sector.

After a string of very successful 10 year covered bond trades, it was clear that seven and five year deals would “fly like hell,” said a syndicate manager on one of the deals issued on Tuesday by Swedbank and Aareal Bank.

Fosun International, China Grand Automotive Services and China Molybdenum Co rushed out to the offshore bond market on Monday, helping kick-start a rush of issuance before Chinese New Year.

‘Tier two’ and ‘sustainability’ are labels that have never previously been combined in Asia. At least not until this week, when Kookmin Bank raised $450m from a Basel III-compliant deal.

Bank of China’s Rmb40bn ($5.9bn) perpetual bond has opened up a possible path for other banks with similar funding needs, but smaller banks may still find it hard to attract investors, said analysts and bankers this week. Widening the scope of perpetual bonds so that insurance companies can purchase them will be key to solving the problem.

There was a wall of supply from Chinese property companies at the start of the week. Road King Infrastructure and Yuzhou Properties brought a pair of callable four year bonds, but Jingrui Holdings and Fantasia Holdings Group both stuck to the very short-end of the curve.

Chinese new economy company Maoyan Entertainment priced its Hong Kong IPO this week, after a short delay that allowed it to add a high-profile cornerstone investor. Don’t let the deal’s bottom-of-the-range pricing fool you: the company and its banks made the right move.

Goldman Sachs and BNP Paribas priced a deal for auto parts maker Parts Europe, formerly Autodis, on Thursday, funding the issuer’s November purchase of Oscaro.