Europe

DWF has become the first UK law firm to list on the main market London Stock Exchange, after the company priced its £95m IPO at 122p a share on Monday.

KfW sold a tap in sterling on Monday with lead managers maintaining that the choice of an intraday execution was “key” ahead of a vote in UK parliament on prime minister Theresa May’s revised Brexit deal.

Kommunekredit, Kommunalbanken (KBN) and World Bank hit screens for dollar deals on Monday, as bankers said that this week offers a decent window for issuance in the US currency.

Medacta, the Swiss maker of artificial human joints, has begun a process to list on the SIX Swiss Exchange before Easter. If it succeeds, it would be the first major company to complete an IPO in Europe this year.

Greece’s new 10 year benchmark sold last week — its first in that maturity since 2010 — was trading wider in the secondary on Monday before a potential postponement of a €1bn disbursement to Greece by the European Central Bank.

A pair of UK companies have refinanced their revolving credit facilities, as loans bankers insist there is plenty of activity going on behind the scenes.

Nordea managed to raise €1.5bn of seven year funding at 4bp over mid-swaps on Monday — the tightest spread of any covered bond issued this year, other than in Germany. But subscription ratios for core covered bonds are falling and some key investors are lowering their orders.

BPER Banca issued an exceptionally well subscribed Italian covered bond and, although it originally planned to issue a €500m no-grow, it took the unusual step of increasing the deal size to €600m "as a token gesture on behalf of the leads".

Turkey’s economy contracted sharply in the last quarter of 2018, bringing the economy into a formal recession. But investors remain happy to pile into Turkish paper.

Barclays is ready to head to Japan with a new bond offering if a series of crucial votes in the UK Parliament this week can help to clarify the next steps in the Brexit process.

Investors have received a note from Helaba saying that a DAX company will market a benchmark Schuldschein (SSD) as early as this week — but only investors signed up to the technology platform VC Trade will be able to bid.

Spain's BBVA is targeting Asian liquidity as part of its global syndication for a $100m borrowing.