Europe

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.

Spain reopened the post-summer peripheral sovereign market in style, achieving its largest order book for an inflation linked bond since its inaugural trade in the format in 2014.

The European Investment Bank mandated banks on Tuesday for a new short six year Earn, while the European Stability Facility completed its funding for the third quarter with a tap of a five year issue.

Shares in Aryzta, the frozen baked goods company listed in Ireland and Switzerland, surged by as much as 13% on Tuesday morning after it signed an agreement with five international banks to underwrite its €800m rights issue.

More finance and derivatives industry groups this week came out against the leverage ratio and its impact on client clearing, backing the findings of an August report by global watchdogs. In a joint paper, trade bodies including the FIA also expressed concern over Brexit and its potential impact on client clearing.

Caisse des Dépôts et Consignations drew healthy demand on Tuesday as it tapped what bankers are calling the "sweet spot" for euro issuance.

Swedbank returned to the euro market for a new tier two bond on Tuesday, more than a year after setting a record tight for spreads in the asset class.

Sydbank sold its first non-preferred senior deal on Tuesday, leaving it with €500m to raise for its minimum requirement for own funds and eligible liabilities (MREL).

Phoenix Group Holdings is set to sell tier two bonds with a rare bullet format on its first outing in the euro market, as supply of insurance debt heats up in the region.

Most rated Turkish corporates can handle their refinancing needs over the next 12-18 months, according to Moody’s. This is despite anecdotal evidence from bankers about deteriorating loan metrics in the country.

Akbank’s revised lender-friendly terms on its syndicated loan looks like it will be enough to secure a decent deal, though some bankers considering the trade say the issue runs far deeper than risk adjusted pricing.

Santander UK needed to offer an unusually attractive concession for its second euro covered bond deal of the year, but priced its first sterling Sonia-linked deal in line with Lloyds.