Europe

DCM bankers say that market conditions are just right for some of Europe’s smaller and more marginalised financial institutions to bring new bond deals ahead of the summer.

An innovative senior bond sold by UniCredit this week showed how blurred the lines have become between what is up for grabs in a resolution and what is not.

Agrana, a food producer headquartered in Vienna, is marketing a Schuldschein where its floating notes are some 20bp inside the fixed note offering. Two market participants said they had never seen this before.

Former Crédit Agricole banker Christoph Paul has been appointed by Mizuho Securities.

The rally set off European Central Bank president Mario Draghi's assertion on Tuesday that further quantitative easing was possible, if not probable, had reached a level by Wednesday that astonished bankers. Three investment grade companies took advantage that day with benchmark bond issues, while one brought a tap.

A group of pre-IPO shareholders in Adyen, the Dutch payments company, have sold €311.8m of stock in response to reverse enquiries from investors. The Slovenian government also took advantage of the momentum in the blocks market to sell another 10% of NLB, the country’s largest bank.

A revised range has been set for the IPO of Trainline, the UK transport booking website, and the deal has enough interest form investors to be priced throughout the new level.

Piraeus Bank found enough appetite in the market on Wednesday to launch the first tier two bond out of Greece since the crisis. It raised €400m of capital at a coupon of 9.75% — 50bp tighter than initial price thoughts.

Participants in the covered bond market believe that it is only a matter of time before issuers set out to price new deals at negative yields, casting minds back to ground breaking transactions from Berlin Hyp in 2016 and 2017.

Akash Garg is set to join BNP Paribas to trade emerging market credit next month.

Turkey’s banks, renowned for their resilience as borrowers to market shocks, risk paying wider margins when they refinance debt later this year, according to some bankers. The dismal outlook follows Moody’s recent downgrade of Turkey’s sovereign debt and 18 of its banks.

The creation of common eurozone sovereign bonds is likely to happen once there is greater harmonisation between the fiscal policies of eurozone nations, the heads of the Portuguese and Italian debt management offices said at the Euromoney Global Borrowers and Bond Investors Forum in London this week.