Europe

The €350m listing in Amsterdam of Marel, the Icelandic meat processing machinery maker, is covered on the second day of bookbuilding, having gained early momentum partly by attracting two cornerstone orders.

Credit Suisse Group made its debut in the Singapore dollar market on Wednesday, finding a significant price advantage for its perpetual tier one bond in the new currency.

Shares in Watches of Switzerland, the UK luxury watch retailer, surged in the aftermarket on Thursday after the company priced its £220m ($277.46m) IPO a day early in the upper half of the price range.

It may have been a short week for Swiss franc investors, bookended by public holidays overseas and at home. But that did not stop them responding ravenously to Tuesday’s dual-tranche debut transaction from Kühne + Nagel, the borrower having presented to investors on Monday during a lunch in Zurich and a breakfast in Geneva the following morning.

A pair of European SSAs priced sustainable and climate awareness Kangaroo bonds this week. The European Investment Bank priced its third climate awareness Kangaroo on Tuesday, while Bank Nederlandse Gemeenten brought it sustainability bond programme back to the Aussie market on Wednesday.

Illinois Tool Works issued what could be the only European corporate bond of the week today, as the market takes what could be a useful rest after a week marked by a touch of indigestion and some jitters about international politics and economics.

Low growth in the euro area could harm banks’ ability to issue bail-in debt, the European Central Bank said on Wednesday. Capital ratios are resilient enough in the face of a downside scenario, but the central bank expects profitability levels to remain low.

KfW brought another landmark transaction under its recently updated green bond framework on Tuesday with a Skr7bn (€654m) issue that marked its largest bond in the Swedish currency.

Brussels Airport has issued a €500m US private placement in three tenors in a “blowout transaction”, according to market sources.

In the event the UK leaves the European Union without agreeing to the negotiated exit deal, EU banks and investment firms will be able to come to the UK to trade UK shares, the European Securities and Market Authority (ESMA) has said, reversing on a previous statement. But the UK’s Financial Conduct Authority (FCA) is not satisfied with the ESMA’s proposed trading obligations under No Deal Brexit.

TBC Bank, Georgia’s largest bank by assets, loans and deposits, is hitting the road to market a dollar senior unsecured bond.

European elections, which produced relief in much of Europe and some horror in the UK, have not fazed corporate bond markets. But they may have caused this week's dearth of issuance. Illinois Tool Works' three trancher on Wednesday may be the only fruit. But investors' diaries are filling up with roadshow dates.