Europe

Cyprus won huge demand for its return to the 10 year part of euro curve on Tuesday, with the final book almost four times covered. The deal should set a good backdrop for Greece to come to the market in the same maturity — as long as it pays up a sizeable concession, according to SSA bankers.

The flotation of Aston Martin, the iconic British car company, is gathering pace in its second week of investor education, with buyers debating its potential value compared with legendary Italian car-maker Ferrari.

The strong demand that has permeated the dollar market over the last few weeks showed no signs of abating on Tuesday, as a pair of borrowers issued benchmarks that were comfortably oversubscribed.

Cassa Depositi e Prestiti on Tuesday brought the first syndicated SSA supply from Italy since a large sell-off in BTPs began in May — and investors appeared happy with the risk, allowing tightened pricing and a well-oversubscribed book. The sustainability bond came amid a flurry of SRI deals.

The State of North Rhine-Westphalia is preparing to bring its longest ever euro benchmark.

Schibsted, the Norwegian media group, has officially kickstarted the process of spinning off its online classified advertising business as an independently listed company, expected in 2019.

Investment manager Michael Scott will join Man GLG in December from Schroders, where he was responsible for three funds active in the high yield market.

Nationale-Nederlanden Bank (NN Bank) returned to the covered bond market for the second time this year to issue a comfortably oversubscribed €500m 10 year conditional pass through structure that was priced 1bp tighter than where NIBC Bank issued a similar deal two weeks ago.

The Loan Market Association (LMA) and the Association of Corporate Treasurers (ACT) have released an update to their guide on the Libor reforms, as the industry bodies look to lead the market through the “enormous task” of transitioning away from the pricing benchmark.

US firm Marsh & McLennan Companies will buy UK insurance company Jardine Lloyd Thompson (JLT) for around £4.3bn, with a Goldman Sachs bridge loan due to do most of the deal’s heavy financial lifting.

Landesbank Hessen-Thüringen Girozentrale (Helaba) attracted a thinly oversubscribed order book for a €1bn seven year mortgage Pfandbrief issued on Tuesday. Even though the bonds offered a generous premium to their own curve, they were priced much tighter than other recent seven year benchmarks.

MCS Groupe opened a roadshow for a new 2024 floating rate bond this week, as it seeks funding for the acquisition of DSO Group to create a leading player in the debt repurchase industry in France.