Europe

UK housing association Catalyst Housing came back to the sterling corporate bond market on Tuesday with £50m of the £100m it retained from a £250m long dated dual tranche bond issue, which was priced in October 2017. The deal was illustrative of the buoyant conditions for borrowers.

NRW.Bank is taking indications of interest on a five year benchmark trade, though syndicate bankers still expect there to be a fizzle rather than a bang of SSA dollar issuance this week.

Investors brushed off the coronation of a new pro-Brexit prime minister in the UK on Tuesday to pile into a KfW trade and set a new size record for the sterling SSA green bond market.

The State of North Rhine Westphalia was flooded with demand for its 30 year euro benchmark on Tuesday as investors braced for the European Central Bank's meeting on Thursday, in which it is expected to lay the groundwork for a rate cut in September.

Forth Ports, the port operator headquartered in Edinburgh, has sold roughly £300m-equivalent of US private placements (PPs).

The UK’s LXi REIT has signed a £100m ($125m) revolving credit facility, as loans bankers say the selection of Boris Johnson as prime minister will put some sterling borrowers into “wait and see” mode.

Banca Popolare di Sondrio tapped the FIG euro market this week, looking to bolster its subordinated capital buffer. The issuer had to pay an expensive coupon of 6.25% on the notes, but with this issuance it fulfils its minimum requirements for own funds and eligible liabilities (MREL).

Air Baltic, an airline owned by the Latvian government, has released initial price guidance for its €200m five year non-call three debut bond at 6.75%-7%.

Czech energy distributor EP Infrastructure came to market on Tuesday morning for a seven year Reg S benchmark — its second ever bond. The bond had been announced on Monday as a dual tranche six year and 10 year.

CPI Property Group printed a Reg S tap of its $350m 4.75% March 2023s on Monday, but some chopping and changing over the size during execution had some rival syndicate managers expressing consternation.

The Covered Bond Awards 2019 survey is off to a very strong start with roughly 300 completed responses registered in the first week. Two banks are running neck and neck for the top award, but with four weeks to go, pecking orders can change.

The sellers of Oltin, a closed-ended fund seeking to invest in Uzbekistan, have decided to postpone a public listing and proceed with private fundraising after investors expressed a preference for an unlisted fund structure.