Banks

KKR, the US private equity firm, has agreed to buy John Laing in a cash deal that values the UK infrastructure developer at £2bn. KKR will fund the purchase using a mix of equity and debt.

Nerio Alessandri, the Italian billionaire founder and CEO of Technogym, has reduced his stake in the high-end gym equipment manufacturer via an accelerated bookbuild.

American Tower Corp, the US wireless infrastructure company, printed the biggest euro high grade corporate bond of the day on Tuesday, to finance its expansion into Europe and Latin America.

Ryanair, the Irish budget airline, landed a far more solid bond issue on Tuesday than shopping centre operator Unibail-Rodamco-Westfield had a day earlier, as both companies try to recover in sectors ravaged by the coronavirus pandemic.

Momentum is picking up among Russian borrowers seeking to raise green or ESG-linked loans. Sibur, the petrochemical company, is the latest borrower to enter the market, which bankers say is attracting companies from all over the spectrum.

CDP Financial, one of Canada's largest public pension asset managers, joined three other public sector borrowers in the dollar market on Tuesday to sell its debut green bond.

Leveraged loan investors that took a punt on Carnival’s rescue financing last year are set for a huge payout, as the cruise operator looks to reprice its term loan Bs.

Emirates NBD, the biggest bank in Dubai, has mandated banks to arrange an additional tier one (At1) deal. It will follow another bank from emirate, Dubai Islamic Bank, which recently broke records with its own AT1 transaction.

Russia has mandated an exclusively Russian consortium of banks to arrange a euro bond issue. Market participants say the extra cash is not necessary but is Russia’s way of demonstrating its access to markets a month after its sovereign debt was slapped with further US sanctions.

CaixaBank extended its social bond curve with a non-preferred senior deal on Tuesday, raising €1bn with what was its first deal since it completed a merger with Bankia in late March.

Moody’s has placed Deutsche Bank on review for a ratings upgrade, praising the firm for making "swift and pronounced progress" towards its restructuring goals. The rating agency wants to determine whether the German bank can sustain a recent improvement in its earnings, which has largely been fuelled by an outperformance in its capital markets business.

Société Générale was looking to issue an additional tier one (AT1) in dollars on Tuesday, as European banks find room to place risky subordinated debt despite the trickier backdrop in financial markets.