Europe

French laboratory testing company Eurofins Scientific and Italian tyre company Pirelli have closed Schuldscheine totalling more than €1bn in the past week.

Grit Real Estate Income Group, the pan-African real estate company based in Mauritius, has raised $132.1m through the sale of 92.4m shares in a placing to investors, prior to listing in London on Tuesday.

WiZink Bank sold its buyout payment-in-kind (PIK) bonds in the euro high yield market this week, a rare opportunity for high yield investors given the slim volumes from the financial sector and Iberian issuers this year.

National Bank of Greece has sold a €200m five year covered bond to the European Investment Bank (EIB) just as Moody’s changed its outlook on the Greek banking sector to positive.

Turkey’s Akbank is seeking to refinance a pair of $337m and €515m one year loans signed last August.

The UK ECM market is having a good summer, with several large transactions and important deals executed, despite much of the market being shuttered up for the holiday season.

A short-term rally in credit markets is doomed to come to an end in the third quarter, according to analysts at JP Morgan, who predict that a familiar combination of economic and political concerns will cause volatility to raise its head once more.

KommuneKredit’s borrowing costs and access to the capital markets are unlikely to be affected by S&P downgrading its long term credit rating, said SSA bankers.

Carige’s postponed tier two deal is central to its recovery plan and therefore its future, a letter from the European Central Bank suggests. But at present that transaction looks like it will be very hard to complete.

The Greek banking sector could receive European Central Bank monetary policy support once Greece has exited its bailout programme in August, according to a senior strategist.

Société du Grand Paris, a French agency that plans to sell its debut bond issue later this year, has launched the first ever Green Euro Medium Term Note programme — a move that bankers and experts said could bring a range of benefits to the issuer and the wider SRI market.

The concept behind the European Secured Note was never genuinely driven by a desire to improve bank funding options, but by a need to ring-fence the quality of assets in covered bonds.