Europe

Rusal, the aluminium company, is set to sign Russia's first internationally syndicated sustainability-linked loan, for $750m. Some bankers say Russian borrowers are increasingly interested in financings linked to environmental, social and governance factors, as they hope to attract lenders put off by sanctions that have partly isolated Russia from capital markets since 2014.

TeamViewer, the German remote access software company, has begun trading in Frankfurt after pricing its €2.3bn IPO. But the stock price suffered on its debut as global markets were battered by political volatility, after US Democrats began an impeachment inquiry against president Donald Trump, and the UK Supreme Court ruled prime minister Boris Johnson had broken the law.

Just Group is set to become the third insurance company in a week to buy back some of its subordinated bonds with a view to replacing them with new securities in the market. But CreditSights have cautioned against taking a 'speculative' position in the company's new bonds, which arrived with price thoughts above 8% on Thursday.

Daimler International Finance, a wholly-owned subsidiary of German carmaker Daimler, brought a Rmb500m ($70m) dim sum bond on Tuesday, finding a narrow window of opportunity for a deal ahead of two big liquidity events.

Kommuninvest kicked off the dollar market this week with a $1.25bn blowout, despite it being at record tight levels over Treasuries, according to a banker on the deal. Following on from Kommuninvest’s deal, a wide range of SSAs look to print across the curve, including rare issuer IDB Invest with its five year dollar bond debut.

French agency SNCF Réseau steamed on to screens on Tuesday with initial pricing thoughts for a tap of its December 2047 green bond.

Garbe Industrial Real Estate, a German developer, has announced its intention to float Logistrial, its logistical properties unit, on the Frankfurt Stock Exchange.

Shares in EQT, the Swedish private equity firm, popped 25% on day one after its IPO was priced on the Nasdaq Stockholm on Tuesday — after what sources called a “targeted” IPO process.

A run of 10 year covered bond issuance looks set to continue through to Wednesday with Bawag and Deutsche Bank announcing plans for Pfandbrief transactions. Bankers on these deals are hopeful that order book momentum improves, but some are slightly concerned that investor fatigue may be setting in.

BBVA launched a senior non-preferred bond in the euro market this week as activity slowed after a busy period for new FIG issuance. The €1bn trade attracted orders of €1.8bn and gave investors a small new issue premium, according to a syndicate banker.

Banco BPM spied a chance on Tuesday to issue a tier two bond to beef up its capital buffers. The Italian lender launched a 10 year non-call five deal at a 4.25% coupon — 37.5bp tighter than the initial price thoughts.

Bookrunners on TeamViewer, the German remote access software company closed the books on the IPO on Tuesday and confirmed that many investors will get very little of their orders because of high levels of demand for the transaction.