Europe

France’s Nexity has signed a €2.3bn corporate credit facility, with the real estate developer refinancing early and ramping up the size of its bank line to finance its growth strategy.

Deutsche Kreditbank and Skipton Building Society both announced mandates for euro-denominated covered bonds on Wednesday, with DKB’s to come as its debut social bond.

Borrowers are unloading a still increasing number of new deals in the leveraged debt primary markets in September, hoping to find sufficient demand. But investor appetite, while supportive, is showing a selective taste this week.

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.

Jörg Kukies, secretary of state at the German Ministry of Finance, suggested that the EU’s proposed covered bond directive should not dilute the quality of the product too much. He also wanted to see developments on the Capital Market Union (CMU) by the end of the year and called for an agreement on third-country central counterparties (CCPs).

Akbank has been defiant in the face of claims from pockets of the loan market that its latest deal will not gain enough traction to fully refinance the loan it is replacing, claiming that a 100% rollover is still a possibility.

Investors’ eyes are on the Middle East this week as a slew of borrowers bring Sukuk trades to market, but while hopes are high for successful deals, a Turkish central bank rate decision looms large in investors’ minds.

Italy’s upcoming budget is far outstripping anything that might come out of this week’s European Central Bank meeting in terms of investor concerns, with one portfolio manager suggesting BTPs could come under further pressure in the run up to the announcement.

Swedish bank SEB has appointed a new head of large corporate coverage in the UK, luring a managing director from Santander.

Like many corporate bond market participants Bluebay Asset Management has been keeping a close eye on the volatility that has been and likely will be further caused by emerging markets, political events in Italy and the ongoing Brexit negotiations.

Geely’s delay of the Volvo Cars IPO this week, in light of trade tensions between the US and China, will leave a large hole in this autumn’s pipeline.

The Inter-American Development Bank and KfW drew strong demand in the dollar SSA market on Tuesday, with the former issuing just the fourth 10 year dollar benchmark from an SSA of the year.