Europe

Belfius Bank issued the first Belgian covered bond of 2019 on Monday. Although the order book built slowly, the tightly priced 10 year attracted solid demand.

Assicurazioni Generali has become the first European financial institution to launch a green tier two bond. The Italian insurer attracted €3.25bn of orders, helping it to price its €750m deal about 10bp inside fair value, according to a syndicate banker.

The Black Sea Trade and Development Bank is set to spark a flurry of regional bank issuance in the Azerbaijani debt markets, as it plans to tap manat investors. Meanwhile, more of Azerbaijan's borrowers are looking in the opposite direction, as they seek to diversify their funding outside of the domestic market.

Metro Bank had to cancel its plans to sell its debut non-preferred senior bond on Monday as investors focused on the risks overhanging its business. The UK challenger bank's inability to access the market, despite offering a 7.5% coupon, raises important questions ahead of a looming deadline for it to meet the minimum requirements for own funds and eligible liabilities (MREL).

Verallia, the French maker of bottles and jars, has begun bookbuilding for its €962m IPO, which will be the largest flotation in France more than two years.

This week's funding scorecard looks at the progress of Europe's supranationals and agencies as we approach the end of the third quarter.

Banco Comercial Português found room to launch a new tier two instrument in the euro market on Friday, raising €450m with its second subordinated bond offering of the year.

SMBC has made two additions to its London desk for syndication origination in structured finance.

A £285m block in Trainline, the UK the transport booking website, was covered quickly on Thursday night after a lock-up was waived on KKR and other pre-IPO shareholders.

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The European Commission is planning to unveil in October, together with 10 non-EU states, an international organisation to stimulate cross-border cooperation on green finance initiatives.

Although the European Central Bank (ECB) hasn’t said yet how it intends to split buying across the €20bn of net asset purchases that it plans on making each month, it is likely covered bonds will form an integral part. And if covered bonds tighten, that probably means much else will be dragged along for the ride.