Europe

NRW.Bank and Unédic drew solid results in the latest BondMarker scores, with the French agency just pipping the German issuer with its overall average.

Substantial demand for shares in the Frankfurt listing of Knorr-Bremse, a German manufacturer of brake systems, has led bookrunners accelerate the listing.

The ripple effect of a 17bp rise in the 10 year US Treasury yield helped new corporate bond deals perform in the secondary market last week, despite other financial markets suffering losses. Those higher yields and an expected slower pace of issuance are expected to keep conditions positive for issuers who approach the market.

ProCredit Holding, which owns a group of commercial banks focused on SME lending across Europe and South America, is planning to issue its debut green bond.

Chinese white goods maker Qingdao Haier is planning to kick off bookbuilding for a flotation of D-shares in mid-October, set to be the debut offering for the asset class.

Romania was able to cut the spreads on both tranches of its euro benchmark on Thursday.

Sonae MC, the largest food retailers in Portugal, has launched the roadshow for a €300m plus IPO in Lisbon.

Caisse des Dépôts et Consignatios has reduced its 2018 funding target by 10%, but may not even return to the market for further issuance this year, according to a senior funding official at the agency.

UK local authorities could turn to the capital markets to fund council housing development after the prime minister Theresa May announced plans to scrap a long-standing cap on borrowing, writes Silas Brown.

A sharp sell-off in US Treasuries after the release of stronger than expected US economic data has changed the landscape for dollar issuance. Ten year benchmarks could be possible, although one product investors would normally welcome in a rising rate environment — floating rate notes — is unlikely to make a big comeback.

Dancing and Abba aside, Theresa May impressed with her speech at the Conservative Party conference earlier this week. Her decision to lift the cap on local authority borrowing so that councils can start to build houses again is to be applauded.

UK banks are finding safe harbour in the dollar market as investors in other currencies grow nervous that the country will end up with a messy break-up with the European Union. Their reliance on dollars for capital is only likely to increase as Brexit day approaches.