Europe

China is about to find out if it can build a bridge to European liquidity, with Qingdao Haier set to close the first IPO of D-shares in Frankfurt. The debut of the China Europe International Exchange (Ceinex), along with another much talked about equity link to London, will be a key test of whether Chinese issuers can tap new sources of funding abroad. John Loh reports.

Investment managers have plenty of work to do to shift global investors’ sentiment on China, Ashley Dale, head of business development at Harvest Global Investments (HGI), tells GlobalRMB.

The Autonomus Community of Andalusia received plenty of demand for its first syndication in over seven years on Wednesday, allowing the issuer to increase the size of its deal and tighten pricing.

A veteran EM trader has been put at risk of redundancy after 26 years with JP Morgan.

Bank Nederlandse Gemeenten went ultra long in the euro market on Wednesday to issue its longest outstanding bond.

US Commodity Futures Trading Commission (CFTC) chairman Christopher Giancarlo has threatened to retaliate over European Commission legislation that Giancarlo thinks would result in “conflicting” and “overly burdensome” regulation from abroad.

HSH Nordbank attracted a much higher oversubscription ratio for its positive yielding Pfandbrief than Belfius Bank did for its negative yielding Pandbrievan. The two covered bonds, which were both priced on Wednesday, showed that investors’ lust for yield remains undiminished.

KfW priced through its curve on Wednesday as it wrapped up its green bond programme for the year with a more than three times subscribed trade.

Italy will give investors the chance to swap out of its earliest maturing BTP Italia for longer dated nominal bonds on Thursday as it attempts to reduce the size of the €20.5bn issue. The deal comes amid a calmer backdrop for BTP yields than over the last few months — a factor that helped determine the timing of the exchange, said one of the leads.

The UK’s Heathrow Airport has signed its first loan from Canada’s export credit agency, building its presence among the country’s financiers after printing C$800m of bonds earlier this year.

The UK’s Ithaca Energy has signed $700m of loans, five months after pulling out of a high yield bond deal.

In a month where volatility has shot down Europe’s IPO hopefuls, Italian plastics equipment manufacturing firm Piovan has managed to price its deal with an oversubscribed book.