Banks

DZ Bank has signed up to the leading digital platform in the Schuldschein market, VC Trade. The German bank brings roughly 850 affiliated co-operative banks with it, which VC Trade’s founders believe is a game changer.

Unédic, the French unemployment agency, raised €4bn on Wednesday with a November 2029 social bond — its third under its new funding programme, which consists entirely of social bonds.

Snam, the Italian gas network company, issued a €500m transition bond on Wednesday, which was three times oversubscribed and priced through its curve, suggesting that this controversial instrument is of interest to many investors.

Two sovereigns pulled off successful deals on Wednesday, adding to the pile of syndicated European government bond issuance this week.

Enexis, the Dutch electricity and gas grid and energy services group, issued its debut green bond on Wednesday and printed the €500m issue through its secondary curve, as a strong rally in utility debt pushes demand into regulated names.

Tom Tailor, the German fashion brand, has signed a €100m loan guaranteed by the federal and regional governments. It has also extended its existing bank line, although the company says it will not be enough to stave off insolvency at holding company level.

Nationwide Building Society was able to tighten pricing by 50bp on the sale of an additional tier one bond on Wednesday, landing at a 5.75% coupon. The new issue will increase the bank’s leverage ratio, which went down last year amid a net redemption of tier one debt.

BPER Banca opened books for its inaugural sale of senior debt on Wednesday, giving investors their first chance to buy into a new issue from a second tier Italian bank during the Covid-19 pandemic.

The Republic of Albania won a €3bn book for its bond market return on Tuesday, whittling down pricing to a yield of 3.625% for its seven-year deal.

Simon Field, who spent many years in HSBC’s global banking team looking after public sector clients, has taken up a new position as global head of escrow.

Belle International is selling a block of shares in its sportswear subsidiary, Topsports International Holdings, according to a term sheet seen by GlobalCapital Asia.

Volkswagen, the German car company, has waited a long time before issuing any euro bonds from its industrial arm since the Covid-19 crisis began, but on Wednesday it broke its silence — and surprisingly, with a hybrid deal. VW has gone beyond refinancing an old hybrid and added ballast to its balance sheet, helping its ratings, which are on negative outlooks.