Europe

Corporate bond investors in Europe are showing a bit more willingness this week to say no to ultra-tight pricing, but not in sufficient numbers to prevent issuers getting what they want.

An equity-linked banker at Berenberg is leaving to join Jefferies as head of its continental European structured equity solutions business, GlobalCapital understands.

Maja Torun will become co-head of French investment banking at Citigroup, according to an internal memo.

Yorkshire Building Society on Wednesday went to market with an inaugural sterling six year non-call five non-preferred deal after it said it would tender for its 2024 non-call 2019 tier two notes, opening a case for smaller institutions to decrease capital costs by replacing tier twos with senior non-preferred notes.

GTLK, Russia’s state transport leasing company, is in the market with a Reg S six year dollar bond, returning to the market after pulling a deal in February 2018.

CPI Property Group returned to the bond market on Tuesday, raising €550m with a hybrid callable in October 2025.

Aareal Bank launched the first Reg S dollar covered bond of the year on Wednesday. With the bonds offering a substantial pick-up to where Aareal’s euro benchmarks trade, heavy demand came from European investors.

Macquarie Capital is hiring a UK co-head, as well as a head of leveraged finance for Europe, the Middle East and Africa.

Alpha Bank Romania plans to issue the first covered bond from Romania under the country’s newly established legal framework.

Standard Chartered is paying $1.1bn in penalties to US and UK authorities in relation to breaching rules relating to sanctions and financial crime. This exceeds the $900m provision the bank announced in February for sanctions fines.

DNB Bank dipped into the sterling market on Tuesday to raise £300m of preferred senior funding, less than a week after it issued the tightest-priced euro deal so far this year.

Turkey’s export-import bank Türk Eximbank has become the latest Turkish bank to refinance, joining Akbank and Ziraat bank. The deal was oversubscribed, and received enough demand to add two new tranches.