Europe

The Netherlands’ Arcadis has refinanced €200m of credit facilities, with the design and consultancy firm joining the wave of borrowers introducing green language into loan documentation.

Bromford Housing Association has issued a lengthy US private placement, involving a US institutional investor which had never invested in the asset class before.

The anchoring of European CLOs by Japanese investors, one of which has been claiming the senior notes on most euro CLOs issued in 2019, is likely to continue until at least mid-April, despite the year end for Japanese banks at the end of March, which often slows the market. ICG is the latest manager to launch an issue, with Goldman leading the deal.

Equity capital markets bankers are working on a greater number of private capital deals, such as financial technology firm iwoca’s recent fundraising, offsetting lower volumes in the public markets.

Russia may be back in the debt market again as soon as March, according to rumours among emerging markets syndicate bankers. However, the sovereign’s reception in the market is uncertain because of a renewed push for further sanctions in the US senate.

Expectations of a new round of targeted longer-term refinancing operations (TLTROs) for banks, fanned by recent comments from executive members of the European Central Bank, are feeding into a positive backdrop in the financial institutions bond market.

Telefonica Deutschland has launched a Schuldschein with wider pricing to reflect broader investor appetite, sources claim.

Russian equity capital markets issuance is likely to return soon, potentially in the first quarter, as issuers and bankers in the country prepare to sell stakes in publicly listed Russian companies through accelerated bookbuilds.

Royal Bank of Scotland’s commercial banking division grew its operating profit last quarter, its latest results revealed last Friday, despite corporate clients steering away from spending as they await the outcome of Brexit. Its investment bank, NatWest Markets, endured a difficult quarter, however.

The UK government could look to sell down more of its stake in Royal Bank of Scotland next week, according to a UK bank analyst.

New issue premiums have stabilised at reasonable levels, oversubscription ratios have steadied and secondary flows are more mixed. While a small widening cannot be ruled out, the more constrained supply outlook will keep spreads in check.

The European Union is just centimetres away from signing off on a long-awaited revamp of its prudential capital rules for banks, after EU ambassadors gave the green light on Friday to texts agreed by the Council and Parliament at the end of 2018.