Deutsche Bank

A hotly anticipated day of two central bank meetings failed to disrupt another good week for public sector borrowers in the dollar market, although the outcome of one of the meetings could have consequences for demand in the longer term, bankers warned.

Nets, the Nordic digital payments processor, fell on its first day of trading in Copenhagen, after completing a Dkr15.75bn ($2.4bn) IPO that won very strong demand and was priced highly.

The distinction of being the widest constituent in the Markit iTraxx Europe is clearly one that most companies would prefer not to have. Yet Glencore has held this dubious honour since before the last index roll in March. It had a challenger in fellow miner Anglo American, but Anglo’s downgrade to junk and consequent removal from the investment grade index left the field open to the Swiss firm.

Nets, the largest digital payments processor in the Nordic region, will close the books for its Dkr10.4bn to Dkr16.8bn ($1.6bn-$2.5bn) IPO two working days early after receiving strong demand.

The Department of Justice has made life even more difficult for Deutsche Bank. 2016 could prove to be a false peak for its restructuring effort, writes David Rothnie.

Spanish online travel agency eDreams increased the size of its bond to €435m on Tuesday, a deal which investors struggled to find comparables for.

Several European IPOs are progressing through bookbuilding this week, as issuers take advantage of a window of calm before the uncertainty of the US election in just over seven weeks time.

Nordic Investment Bank brought the tightest dollar benchmark from a public sector borrower in over a year on Tuesday, while the State of North Rhine-Westphalia was also able to grind in pricing with a dollar deal of its own.

After a storming run of issuance, with eight deals in the market last week, high yield deal flow has slowed but not stuttered as Fnac, eDreams and MCS all roadshow potential deals.

Public sector borrowers are piling into the dollar market at the start of the week, with a US Federal Reserve rate decision on Wednesday likely to shorten the issuance window.

UK financial software firm Misys launched a $1.5bn equivalent refinancing loan package on Monday with a bank meeting in London.

India’s equity capital markets started the week on a positive note, with the first private sector insurance company beginning to take orders for its IPO.