Europe

Turkey has picked banks for its third benchmark of the year and its first since 2017 to be issued using sukuk documentation. Bankers say another Turkish borrower could mandate before the end of the week.

Highgate School is marketing a US private placement (US PP), according to two US PP players. The market has become a home for private and public schools looking for long term financing.

Dozens, the latest digital banking offering, aims to revolutionise retail banking in favour of the customer, by routing returns back to depositors and avoiding most unsecured consumer lending. Is this an unworkable goal, or is founder Aritra Chakravarty on to something?

The Netherlands Development Finance Company (FMO) and the Bank of England hit screens with dollar mandates on Monday to start what should be a busy week of supply in the currency for public sector borrowers, according to bankers.

MSCI advised clients to move away from credit default swaps (CDS) as a means of hedging credit risk, as research said it may no longer be the most effective method of making short-term hedging bets.

The European Financial Stability Facility mandated banks on Monday for a long five year and a tap of its February 2043 bond.

KfW found plenty of appetite in the sterling market on Monday, allowing it to increase its target size during the book build for a tap, before printing an even larger size of £750m. FMS Wertmanagement will add to the sterling supply on Tuesday after picking banks for its second fixed rate benchmark in the currency this year.

The Republic of Latvia hit screens on Monday to announce a 30 year euro benchmark — breathing life back into what has been a rather quiet Central and Eastern European bond market.

The Balearic Islands appointed banks on Monday for its first bond since 2012, just as tensions over Catalan independence return to the forefront of Spanish politics.

US tobacco group Altria on Monday ended a blackout-blighted slow start to February for the euro corporate bond market when it brought a new deal that included four benchmark tranches. This came the day before the company sold $11.5bn in its home market.

ING Bank and Commonwealth Bank of Australia sold 10 year strong covered bond deals on Monday, creating a "virtuous circle" that should encourage more issuers to enter the market, according to one lead manager. But another cautioned that demand for long dated bonds was "frothy".

Tritax Big Box Reit, the UK real estate investment trust focused on ‘Big Box’ warehouse assets, has completed its tenth capital increase since its IPO on the London Stock Exchange in December 2013.