Europe

The Inter-American Development Bank this week capitalised on a dearth of supply at the 10 year point of the curve to print its second dollar benchmark of the year.

A bevy of names from central and east Europe issued bonds this week and more are lining up amid a dramatic mood shift among investors.

BNP Paribas has hired a banker from SMBC to fill the vacant position of head of US private placements.

Italian equities bankers wondering what deals to bring from a country where the political situation is a constant threat to smooth issuance have been inspired by the recent UK listing of a luxury retailer. Sam Kerr reports.

Chinese automobile conglomerate Geely has used an exchangeable bond to monetise the volatility of its stake in AB Volvo, the Swedish maker of heavy-duty vehicles, to secure €400m of funding at a zero coupon.

After Monday’s partial holiday across Europe, strong market conditions gave several high yield issuers confidence to press ahead with new issues on Tuesday. These gave investors options from investment grade-style refis to M&A trades, and executions proved strong, with International Game Technology and Aker boosting the size of their trades to take advantage of the backdrop.

Citi is promoting to its London-based markets businesses a scheme allowing employees to take a short-term period of leave in order to “invest in yourselves”.

Three SSA borrowers issued a total of £200m ($255m) of medium-term notes in response to an inquiry for three year non-call one fixed rate sterling bonds on Tuesday — which probably all sold to the same buyer — amid an uptick of paper in the currency.

Bank of Montreal (BMO) has issued the first Canadian covered bond in dollars this year, raising $1.75bn of funding at a cost that was equivalent to what it would have theoretically paid in the euro market. National Bank of Canada was quick to follow, announcing a similar deal at the same starting spread.

After establishing itself as a top three player in European investment banking, Citi is now making an ambitious push for the summit in its home market, writes David Rothnie.

Všeobecná úverová banka (VUB) has issued the first ever 10 year covered bond from Slovakia, thanks in large part to the high spread that ensured a 0.5% coupon — a return that investors demand — but one that is now out of reach for most European names in this tenor.

Danish wind farm operator European Energy has increased the size of its debut euro-denominated green bond, from the originally targeted €120m to €140m, on demand of more than €230m. The deal is one of only a handful of high yield issues to claim formal sustainability status, as ethical investment strategies gather pace in more corners of the capital markets.