Europe

SATS, the Norwegian owner and operator of fitness clubs across the Nordic region, is seeking to list on the Oslo stock exchange, riding a wave of interest in the consumer fitness sector sparked by the IPO of Peloton in New York.

Siberian Anthracite, the largest producer of anthracite coal in Russia, has closed a dual currency loan refinancing, adding a large euro chunk to its existing dollar debt. The deal points to a growing inclination towards euro funding among Russian borrowers in a bid to avoid operational and sanction-related obstacles, say bankers.

The struggling carmaker issued $150m of senior secured notes in a private placement priced at steep 12%, hiking up its leverage ratio. S&P showed no mercy and instantly cut Aston Martin’s credit rating to CCC+ from B-, leaving the firm on outlook negative. The company is betting its future on the risky launch of a family-friendly luxury SUV.

Deals set to be issued by the Province of Ontario and Development Bank of Japan on Wednesday attracted good demand, reflecting their higher yield relative to other dollar supra and agency bonds.

UK train leasing firm Porterbrook has entered the US private placement market, according to several market participants, seeking to raise debt under its sustainability programme.

Scatec Solar, a Norwegian solar power generator, raised Nkr1.3bn (€132m) of growth capital in a share sale on Tuesday evening amid rising investor demand for renewable energy assets in Europe.

September has been a bumper month for equity-linked issuance in Europe, with over €3.7bn of new convertible bond sales, according to Dealogic data.

Deutsche Bank issued the most oversubscribed Pfandbrief since mid-July on Wednesday. The strong showing contrasted to Bawag, which competed less well for investors’ attention with a deal in the same tenor and with the same starting spread. The unconvincing Austrian outcome has caused some to question the market outlook and one borrower to postpone issuance.

The Republic of Kazakhstan has impressively tightened initial price thoughts for a euro dual tranche seven and 15 year bond, but rivals are saying that the issuer started very wide. Bankers on the deal disagree.

Crédit Agricole and Banque Fédérative du Cedit Mutuel had contrasting responses for preferred senior bonds in the sterling market on Wednesday, with the French banks deciding to hit the market as members of the UK parliament returned to their seats.

Woodford Investment Management, the asset manager run by Neil Woodford, has sold the last of its stake in IP Group, the investment company focused on the commercialisation of university-developed intellectual property.

Nordgold, a gold mining company with assets in Russia, Kazakhstan, Burkina Faso, Guinea and Canada, has mandated banks for its first bond in more than six years.