Banks

The European Investment Bank mandated banks on Thursday for the first Sonia floating rate note linked to the Bank of England’s new compounded Sonia index which was launched earlier this month.

Instone Real Estate, the German property company, has unveiled plans for a €182m rights issue to finance an acceleration of its growth strategy.

Nomura has cut jobs in its investment banking business in Europe over the summer, following losses in leveraged finance, as its new chief executive eyes up other regions for growth, writes David Rothnie.

A softer backdrop on Thursday was not enough to deter financial institutions from entering the euro market, with Deutsche Bank set to sell a new non-preferred senior bond and Finnish insurer Sampo welcoming plenty of demand for a tier two.

FIG bankers say that market conditions are ripe for capital deals, but that issuers are starting to run out of room for more subordinated debt.

European banks spied further opportunities in the dollar market this week, even as many in the sector turned their attentions back to their home currency.

Chinese electric vehicle manufacturer XPeng raised $1.5bn this week, after increasing the size of its US listing and pricing it above the marketed range.

Mediobanca has been speaking with a 'high' number of investors in the euro market this week, as it gears up to sell the first ever deal from its green and sustainable bond programme.

Aveva, the UK software company, is buying US industrial software firm OSIsoft for an enterprise value of $5bn, with billions of dollars in bridge financing in place as the acquisitive company prepares a chunky equity raise.

Ant Group started speaking to investors this week for mammoth IPOs on the Hong Kong and Star markets, which at an estimated size of $30bn would become the world’s largest ever share offering. The deal is a big win for both exchanges — and bankers in Hong Kong are also expecting a record fee from the deal. Jonathan Breen and Rebecca Feng report.

The primary euro public sector bond market continued its busy week on Thursday with KfW and KommuneKredit issuing new 10 and 20 year deals, respectively.

DNB successfully issued a Swedish krona covered bond on Thursday in a size large enough to qualify for the best treatment under the liquidity coverage ratio (LCR) and at a more competitive funding level than was available elsewhere. The deal emerges in the wake of a report from Moody’s which highlighted the strength of the Swedish covered bond market.