Europe

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.

Covered bond spreads are expected to widen, but the tone was hardly apocalyptic at the ECBC/Euromoney covered bond conference on Thursday.

Ukraine’s ViOil has returned to the market for an $80m loan, with the cooking oil company managing to stretch the tenor of its bank debt from one to three years.

French asset manager Axiom Alternative Investments has hired Laurent Henrio, the former global head of credit trading activities at Société Générale, to run a new fund buying illiquid credit exposures in banks’ trading books.

Negotiations between the European Parliament, the European Commission and the covered bond industry around asset eligibility are like trying to “put a square peg in a round hole” and have proved to be the “mother of all discussions”, said key representatives of the two organisations at the European Covered Bond Council’s (ECBC) 28th Plenary Meeting in Munich on Wednesday.

A jumbo €1.5bn block has been launched in Adyen, the Dutch payments processing company, on behalf of a number of the pre-IPO shareholders, after the stock closed up 8.2% to give Adyen a bigger market capitalisation than Deutsche Bank.

The European Investment Bank got a lukewarm reception for its new July 2024 transaction on Wednesday, despite a hefty new issue premium.

German snack food company Intersnack has launched a €150m-equivalent Schuldschein with euro and sterling tranches — evidence, market players said, of the flexibility of the instrument.

Bain Capital has completed the first sale of shares in TI Fluid Systems, the UK maker of fluid delivery systems for cars and trucks, since its IPO last autumn. The deal came in response to several reverse inquiries from investors.

French building materials producer Saint Gobain received overwhelming demand for its second benchmark issuance of 2018. A combined order book of €7bn meant the issuer could have sold a much larger deal than the €1bn size limit it imposed on itself.

The Depository Trust & Clearing Corporation (DTCC) on Wednesday called for "esoteric" exchange traded funds (ETFs) to be “closely monitored” and for a further expansion of clearing of derivatives and cash markets.

Dutch registered machinery and vehicle manufacturer CNH Industrial achieved an order book nearly three times oversubscribed for its first corporate bond sale since Standard & Poor’s raised the company rating to BBB.