Banks

Japanese investment bank Nomura is increasing its involvement in European real estate — including the UK market, where the exit from the European Union could spark new business.

BP Partners, the European private equity firm, sold out of specialist insurance Sabre last night, less than a year after the company’s IPO.

After a drought of new investment grade corporate bonds from the telecom sector, French operator Orange made it two in two days after Telefónica sold a seven year trade on Tuesday. Orange offered a 12 year tranche as well as another seven year offering, but had to leave something on the table to achieve a €2bn print.

On the same day BMW reopened the euro corporate bond market following the summer break, Daimler reopened the sterling market. On Wednesday, BMW decided to follow a similar path to Daimler for its own sterling deal, but could not achieve quite the same success.

The European Investment Bank printed flat to, if not through, its dollar curve on Wednesday, drawing a more than doubly subscribed book and immediately moving tighter in secondaries. That should bode well for other borrowers looking at the currency in the coming weeks, said SSA bankers.

A day after Swedish bearings and seals manufacturer SKF announced a tender offer for its outstanding short dated bonds, it sold a €300m seven year bond to finance the buy-back.

European corporate bond investors have enjoyed the extra yield a bunch of new 12 year bonds have offered in the last two weeks, but are warning that issuers may need to find a new trick soon.

Rabobank stole the limelight in the FIG market on Tuesday with its €1bn additional tier one deal, which was close to five times subscribed. It demonstrated that demand is still there for the high beta product, and Credit Suisse looked to follow up on Wednesday with a dollar-denominated AT1.

A Credit Suisse M&A banker has moved to Fenchurch Advisory.

Chinese mobile content aggregator Qutoutiao has hit the play button on its US IPO, targeting $144m from an offering of American Depository Shares (ADS).

Larsen & Toubro has raked in Rp18.5bn ($256.5m) after selling a block of shares in subsidiary L&T Infotech, finding strong demand from both institutions and retail investors.

Singapore’s United Overseas Bank and Shanghai Pudong Development Bank have agreed to work together on financing Belt and Road-related activities.