Banks

A pair of public sector borrowers are looking to eke out the last bit of cash from the dollar market before it shuts down for the US mid-term elections on Tuesday night.

The European Financial Stability Facility has opted to tackle a part of the euro curve where KfW found substantial demand last week, with a trade that SSA bankers said should provide a steer on the health of the euro market. There was one positive sign for the sector on Monday, as a Dutch agency increased the size of an SRI bond from its initial target.

After a week without any high yield issuance, Verisure launched €1.1bn of dividend recapitalisation and refinancing bond deals this week. The market was already growing busier under tighter secondary spreads and a new refinancing deal from Intertrust.

Adform, the Danish advertising technology company, will brave difficult markets to list on Nasdaq Copenhagen this November.

Digital Realty, the US data centre company, has signed a global syndicated loan package totalling $3.3bn across a range of currencies, weeks after the firm ventured into the sterling bond market.

Yorkshire Building Society (YBS) and Coventry Building Society have mandated leads for the first five year Sonia-linked covered bonds, Lloyds is out with the first Reg S dollar covered bond from a UK issuer in years, and DZ Hyp has mandated leads for the first deal under its new brand name. Elsewhere, Bank of Nova Scotia has opened order books for a three year sterling tap.

Coca-Cola European Partners opened the European corporate bond market on Monday with its third visit to the market since the company was created in 2016. The €400m nine year bond was three times subscribed.

There is increasing confidence among market participants that the European Central Bank will renew its policy of providing banks with cheap financing, given the arrival of tougher issuance conditions and more stringent liquidity requirements.

Kazakhstan entered the euro market for the first time on Monday, hitting screens with a dual tranche bond.

The government of Kerala is poised to sell its debut offshore rupee bond after a non-deal roadshow this month, in what could be the first Masala issuance since April.

Hong Kong private equity firm I Squared Capital is tapping the loan market for a total of HK$7.8bn ($998m).

iDreamSky Technology Holdings, a Chinese mobile games publisher, started investor education on Monday for its flotation in Hong Kong.