Europe

A flood of orders helped ING Groep to price a $1.25bn additional tier one on top of fair value on Tuesday, with the Reg S dollar market back in action after Banco Santander’s landmark extension decision.

Santander Consumer Finance was about four times subscribed for a €1bn senior deal on Tuesday, with the euro primary market firing on all cylinders.

Société Générale has put six of its London-based equity capital markets bankers "at risk" as the French bank looks to streamline its business by consolidating it in Paris.

OP Corporate Bank came with tight pricing for its first ever green bond on Tuesday. The Finnish lender took just two and a half hours to complete its trade, over three months after it first spoke with investors about a possible transaction.

Seven of the 10 most climate-friendly European equity funds are from France, according to rating agency Climetrics, in a document seen by GlobalCapital.

The Republic of Cyprus has come to market for a euro Reg S benchmark, looking to follow up on its record breaking effort in late 2018 and extend its curve from 10 to 15 years.

LeasePlan, the Dutch car leasing company, has returned to the euro bond market with a €500m senior unsecured three year bond that was priced well inside the initial guidance.

France has picked banks for a long 30 year euro benchmark, returning to the long end of the curve with a syndication for the first time since May 2017, as promised in late 2018.

Blackstone and Hellman & Friedman’s bid for German listings and classified ad group Scout24 is likely to disappoint the leveraged finance market in Europe, which is keen to see some jumbo event-driven supply. The firms are targeting a takeover of the group, but not as a full take-private structure — and with a large equity cheque cutting the likely debt volume on offer, as well as the leverage and price.

ThyssenKrupp, the German steel and engineering company, has raised €1.5bn in the corporate bond market, despite downward pressure on its credit ratings as it prepares to spin off its capital goods business later this year.

Unione di Banche Italiane issued the most heavily subscribed Obbligazioni Bancarie Garantite since January 2013, showing that, despite pricing over 100bp tighter than Italian government bonds, it offered value to some investors. Demand was probably boosted by an improvement in sentiment that followed comments from the European Central Bank suggesting a new stimulus package is in the offing.

The Mortgage Society of Finland has mandated leads for a roadshow with a view to issuing a seven year deal. It follows Volksbank Wien which mandated leads last week and precedes a number of issuers expected to announce mandates after emerging from blackout.