Europe

Merian Chrysalis Investment Co, the closed-end investment fund focused on private companies, has launched its second follow-on offering since it listed on the London Stock Exchange in November last year.

Corporate bond issuers made full use of the last few days before the European Central Bank's much-anticipated announcement on monetary policy on Thursday. Despite the hectic activity of the past two weeks, investors were still oversubscribing deals two or three times.

Swedish credit management company Intrum and UK-based gambling giant International Game Technology dipped into the favourable markets again with big €750m and €500m issues .

Two of the largest shareholders in Fagron, the Belgian pharmaceutical and medical products company, have sold half their stake in the company for €84m via an unusual block trade that was placed with a single US long-only investor.

Prima banka Slovensko is set to become the third Slovakian issuer of euro covered bonds after it mandated lead managers on Monday for a roadshow.

Radius is set to become the first housing association from Northern Ireland to issue US private placements, with Barclays prepping a deal of at least £100m.

LBBW issued a well subscribed €650m nine year public sector loan-backed Pfandbrief on Monday at a relatively tight new issue concession compared with many recent negative yielding covered bonds.

Specialist French lender My Money Bank SCF (MMB) returned to the covered bond market on Monday to issue its second deal, which attracted a more diverse and larger order book than its first. A positive yield helped, but so did the issuer’s investor relations effort, according to a lead manager.

Commerzbank attracted only €700m of demand for a €500m non-preferred senior bond this week, with a lead manager suggesting the deal showed the ‘state of the market’ as it welcomes an influx of tightly priced supply.

Fitch Ratings raised Ukraine’s credit rating from B- to B with a positive outlook. However, Bank of America Merrill Lynch believes that the country is still at risk of another debt restructuring.

Two of the smaller airports in England are looking to raise US private placements, according to sources in the market, as players note that airports and port operators in Australia and Europe have carved out a particularly strong section of the market in the past 12 months.

Severstal, a Russian steel manufacturer, hit screens on Monday morning with a five year dollar benchmark.