Europe

Italian multi-utility Iren highlighted the improving sentiment around Italian corporate bond issuers when it priced a €500m seven year green bond 15bp tighter than where similarly rated peer 2i Rete had printed a non-green deal the previous week.

The Central Bank of Turkey delivered a larger-than-expected interest rate hike this week that was given a cautious welcome by emerging markets bond syndicate bankers hoping to see some stability in the lira. Loans bankers working on a crucial $930m loan refinancing for Akbank — seen as a litmus test of foreign lenders' appetite to roll over loans to the financial sector — were nonplussed by the move, but still expressed confidence in rolling the bulk of the funds.

Deutsche Bank has disclosed a 22% stake in Instone Real Estate, the German residential property developer, after a highly unusual block trade in the stock earlier in the week that failed to clear.

Established SRI bond issuers are bringing deals to market over the coming weeks, including a new format from a seasoned borrower.

The African Development Bank and Bank Nederlandse Gemeenten kept the positive momentum going in the dollar SSA market this week with blowout five year benchmark trades on Thursday.

The IPO global coordinators for Adyen, the Dutch payments processing company, were at the centre of a controversy this week after lifting the lockup agreement on the sale of new stock three months early to allow pre-IPO investors to move €1.65bn of stock. A 9% discount to the last close helped ensure a heavily oversubscribed deal, but the aftermarket was chaotic with the stock slipping as much as 19.2% at one stage on Thursday. Aidan Gregory reports.

Bankia, the Spanish lender, reopened the additional tier one market for Southern European names this week, but not every trade out of the region may enjoy such a warm reception.

European banks helping the transition to alternative euro risk-free rates on Thursday chose the European Central Bank's euro short-term rate (Ester) as the preferred alternative to the euro overnight index average (Eonia).

KfW is aiming to issue a fifth dollar benchmark this year, following the success of its first global dollar benchmark tap since 2013 earlier this week.

The Turkish central bank, in a remarkable display of independence, has raised its weekly repo rate by 625bp, combatting its runaway inflation but making recession a more likely prospect, according to one investor.

Dutch firm Datacenter Group has signed a €52m syndicated facility as part of an acquisition that will see it become the also data centre provider in the Netherlands.

After becoming the first private equity firm to obtain a banking licence in France, the Cerberus-owned My Money Bank (MMB) SCF has appointed joint leads for a roadshow, with a view to issuing its debut euro-denominated Obligations Foncières.