Europe

Sumitomo Mitsui Banking Corporation (SMBC) has mandated leads to roadshow the first ever Japanese covered bond. The RMBS-backed deal is expected to appeal to a broad universe of traditional investors and will set the tone for Japanese megabanks and other borrowers in what could be a rich supply vein for covered bond investors.

Kommunalbanken showed “the resilience of the dollar SSA market” as it printed a $1.5bn October 2021 Reg S/144A benchmark around its secondary level amid global market volatility on Thursday, said SSA bankers away from the deal.

Luxembourg’s SAF-Holland has increased the size of its revolving credit facility, with the commercial vehicle supplier locking in cheaper funding.

IHS Markit has created a new syndicated loans database that the information company says is the first of its kind to pull data from different agents to create a single view of parts of the $1tr market.

CPI Property Group, which owns real estate in Berlin and Central and Eastern Europe, printed a €600m 3.5 year senior bond on Wednesday, riding high on the back of a recent ratings upgrade to consolidate and refinance its debt. After a successful trade, CPI’s chief financial officer, ex-Deutsche Bank CEEMEA banker David Greenbaum, is setting his sights on Swiss francs and Pro-Bonds.

With equity prices around the world tumbling, emerging markets bankers are watching to see just how badly their asset class will be affected.

Two financial institutions have had to abandon their plans to sell small subordinated bonds in recent days, with euro investors showing very little appetite for taking up illiquid positions in a volatile market. Banks are now facing tough questions about the viability of raising debt capital in sizes of less than €500m, after a period of incredible growth in the sub-benchmark sector.

LeasePlan, the Dutch car leasing company, abruptly pulled its planned €1bn-plus IPO on Thursday as global equity markets plunged into a sea of red.

The Milan listing of Piovan, the sole Italian IPO still seeking to be priced this year, is still going strong in the bookbuilding phase despite investors elsewhere fleeing Italian risk.

The benchmarking arm of Intercontinental Exchange (ICE) opened an online portal on Wednesday that gives market participants information on alternative risk-free rates designed to replace the Ibors, as well as forward-looking term rates based on the sterling overnight index average (Sonia).

Société Générale has made two appointments in its corporate banking teams; one in London, one in Paris.

A pair of debut green bond borrowers made blistering entries to the market on Wednesday. Ireland added its name to the growing list of sovereign green issuers with what on-looking bankers said was a “blowout”, while Société du Grand Paris (SGP) printed at the very top of its size expectations on what was also its debut bond issue of any kind.