Banks

Enel, the Italian power and gas company, proved that demand still exists in euros for chunky hybrid debt with a €2.2bn dual tranche deal on Wednesday that saw more than three times oversubscription at peak demand and offered no new issue concession.

Münchener Hypothekenbank (MunHyp) and the Bank of Ireland sold their first euro green bonds on Wednesday, offering up 2bp-3bp of new issue premium to do so.

North Macedonia launched a new bond in euros on Wednesday, following deals last week from fellow central and eastern European sovereigns issuers, Serbia and Croatia.

Real Estate Investors, a UK commercial property REIT, has refinanced £51m of term loans, as the real estate sector continues to be one of the main drivers of European debt activity.

Sixt, the German car rental company, has refinanced a coronavirus pandemic crisis era loan, swapping out domestic state support for a fully commercial bank line as vaccinations provide growth hopes.

Arab Petroleum Investment Corp, the multilateral development bank headquartered in Saudi Arabia, returned to the capital markets to tap a bond it issued just last month. The dollar note saw a notable tightening in pricing.

Belgian football club Club Brugge is teeing up an IPO on Euronext Brussels that will see the side join the small ranks of listed European football clubs.

Toyota Motor Finance (China) Co has sealed the senior tranches of its auto ABS deal at negative spreads to onshore benchmarks thanks to strong backing from Japanese investors, putting the post-Chinese New Year securitization market on strong footing.

A significant widening of China South City Holdings’ dollar bonds issued in January forced the company to offer a juicier yield for its return to the international market this week.

Coupang, an e-commerce company, has kicked off bookbuilding for an up to $3.6bn IPO that is set to be the largest ever US listing by a South Korean issuer.

Korea Development Bank has set a new benchmark for Asia by selling the region’s first SEC-registered Sofr-linked floating rate dollar note. It gives further momentum to the use of the new Libor replacement rate, amid an expected spurt in FRN issuance due to volatility in interest rates. Morgan Davis reports.

Development Bank of the Philippines (DBP) ended a 10-year absence from the dollar bond market for a $300m deal on Tuesday, managing to woo investors with just a small premium.