Banks

Europe’s high grade corporate bond investors had an array of novel trades to consider on Monday, with debutants and a rare antipodean issuer marketing euro transactions.

Banco de Crédito Social Cooperativo (BCC) said on Monday that it was looking to issue a €500m tier two, which could replace all of its existing deals in the format.

Finland’s Aktia Bank is preparing to sell its inaugural additional tier one note (AT1), having mandated a pair of Nordic banks to sound out investor interest.

The IPO of Trifork, the Danish software company, on Nasdaq Copenhagen is oversubscribed on the full deal size, according to a source close to the deal.

PKN Orlen, the Polish oil refiner and petrol retailer, began marketing its debut green bond on Monday, a €500m no-grow seven year. Issuing a green bond would be a bold move for an oil company, but PKN Orlen is being conservative about the assets included and has obtained certification from the Climate Bonds Initiative.

BNP Paribas sold the biggest sterling tier two bond for over a year on Monday, pricing a £1bn deal through its euro secondary curve, as bankers feel the market has shrugged off its risky reputation.

Large global systemically important banks (G-SIBs) showed the primary market was still in good shape on Monday, despite recent volatility. Bank of America added to a recent funding spree with a three-part euro deal, while Credit Suisse tested euros and sterling amid close scrutiny of its investment banking exposures.

Crédit Agricole CIB has conducted what it believes is a unique green bond issue for its Taiwan branch, in which the issuer, investors and underwriters have together made a “solidarity” payment to a charity, Plastic Odyssey, which works to remove plastic pollution from the oceans.

South African lender Absa has mandated banks for an additional tier one dollar offering. Absa is the latest domestic bank to enter international debt markets despite the absence of the sovereign.

Grünenthal, the German opioid maker, has signed a €400m revolving credit facility, less than a month after making its postponed debut in the high yield bond market.

Île-de-France Mobilités, the state-owned authority for public transport in the Île-de-France region, is set to make its first trip to the green bond market. The borrower intends to use green bonds for around 60% of its financing needs until the end of 2025.

Citi has promoted Ignacio Gutiérrez-Orrantia to head of EMEA banking, capital markets and advisory, replacing Phil Drury, who is relocating to San Francisco to oversee technology and communications investment banking.