Europe

The US Treasury has lifted sanctions on Rusal and EN+, the aluminium and energy companies formerly controlled by Russian oligarch Oleg Deripaska, but the fear of further sanctions against Russian companies remains.

CDC, a development financial institution, has hired a former regional head of global banking at Standard Chartered to mobilise investment in developing countries.

CPPIB Capital and NRW.Bank brought well received 10 year euro green bonds on Monday, following the completion of their respective investor calls last week. Elsewhere, KfW has mandated for a euro benchmark in the five year part of the curve, having issued in the 10 year segment earlier in the month.

The UK’s BB Healthcare Trust has amended its revolving credit facility, with the healthcare equity investment trust switching the base currency of its bank debt from sterling to dollars.

A surprise deal to fund the US government for three weeks, announced last Friday, has given hope to IPO potentials that there will be progress for the large backlog of new listings waiting for the regulator to comment on their filings.

BayernLB launched a 10 year Pfandbrief on Monday in line with where DZ Hyp’s recent 10 year was trading, setting the market up nicely for Aareal Bank, which has also announced issuance plans. Despite record supply last week, spreads are tighter across the board, possibly reflecting the view that volumes are set to slow as issuers head into blackout.

Austria, Belgium and Greece went out with mandates for syndications at various parts of the euro curve on Monday, just a day before a crunch vote in the UK Parliament on amendments to prime minster Theresa May’s Brexit plan. But bankers said concerns around Brexit are limited and are no roadblock to sovereign issuance.

UBS welcomed strong demand on Monday for its first ever additional tier one deal in Reg S/144A format, running up an order book of about $10.5bn mid-way through the sales process.

Gilt investors in Scotland last Friday called on the UK Debt Management Office to reduce the proportion of long end issuance in both conventional and index-linked formats in its next financial year.

The US Treasury went ahead with its plans to lift sanctions on Rusal and EN+ on Sunday. The move was well-flagged and has not caused much of a reaction in capital markets but was nevertheless seen as being ‘constructive’.

Sydbank found a clear window for issuance in the euro market on Monday, when it racked up a solid set on orders on its return to the non-preferred senior bond format.

In this round-up, the China Securities Regulatory Commission (CSRC) hired from Industrial and Commercial Bank of China for its top job, Sinopec’s trading arm revealed a substantial trading loss for last year, and the annual report from the People’s Bank of China (PBoC) shows growth in both bond volumes and investor type.