Banks

Blackstone Property Partners Europe Holdings, a real estate investor, got enough demand for its bonds this week for it to price the debt flat to its curve and increase the size of the deal from expectations, as high grade corporate investors betrayed no sign of indigestion despite the recent deluge of debt issuance from the sector.

Europe’s high grade bond investors are set to be offered new bonds from both ends of the ratings spectrum this week, as A2 rated air traffic controller Nats (En Route) and fallen angel car parts company ZF Friedrichshafen planned deals.

Italy mandated banks on Monday to lead a syndicated dollar dual tranche comprising new three and 30 year bonds as the sovereign continues to build out a curve in the currency following its return to the dollar market in 2019.

The European Stability Mechanism raised €2bn on Monday to conclude its second quarter funding with the deal offering a very slight positive yield.

Pegasus, a new special purpose acquisition company focused on European financial services, has begun bookbuilding for its IPO on the Amsterdam Stock Exchange, with a target deal size of €500m.

Greece’s Eurobank is preparing this week to launch a callable senior preferred deal, which it will use towards its minimum requirement for own funds and eligible liabilities (MREL).

Goldman Sachs extended a record run of US bank bond supply by visiting the euro market on Monday and raising €3.5bn of senior debt.

Hochtief, the German construction company, has followed up its bond outing with a revolving credit facility. The deals see the company take on around €750m of debt in the run-up to its annual general meeting.

Red chip issuer China Power International Development raised Rmb2bn ($308m) from a three year bond last week, raising the money largely to pay a mix of offshore and onshore bank loans.

Philippines-based Monde Nissin has won regulatory approval to launch its IPO next month.

PowerGrid Infrastructure Investment Trust has fixed the price band for its Rp77.3bn ($1.03bn) IPO, which is set to open later this week.

Credit Suisse had a great first quarter, if you ignore one or two little hiccups. The firm enjoyed a big uptick in investment banking revenues but senior management is fighting fires lit by the double disasters of Greensill Capital and Archegos Capital.