Europe

Tritax has raised £300m through a fixed price IPO in order to create a new real estate investment trust focused on logistics property in continental Europe.

HSH Nordbank has mandated joint leads for a €500m five year mortgage backed Pfandbrief. Investors should benefit from a potential rating upgrade.

Beverage company Rémy Cointreau has signed a €100m syndicated loan, with a pricing structure that could see the margin on the debt plunge by more than 70% if certain conditions are met.

UK Reit Schroder Real Estate Investment Trust (SREIT) has refinanced £149.6m of loan debt, cutting fixed interest costs and stretching out duration as the firm looks to mitigate interest rate risk.

Vittoria Assicurazioni and P&V Assurances went ahead with very similar debut deals on Wednesday. But the trades enjoyed contrasting levels of success, with Vittoria the only one able to attract a substantial amount of oversubscription.

Stadshypotek issued a €1bn seven year on Wednesday marginally wider than where DNB Boligkreditt recently issued its much larger green inaugural deal in the same tenor. It followed a €500m five year from Sparebank Vest Boligkreditt.

Intesa Sanpaolo has issued the first Italian covered bond since January, reopening the market with a sizeable deal that is likely to be followed by a number of other Italian issuers.

Investors have squeezed better terms out of Mehiläinen, the Finnish healthcare group seeking a €1bn loan to finance its acquisition by CVC.

French lender La Banque Postale came to the market on Wednesday with its second ever senior non-preferred deal, undeterred by the July 4 holiday in the US.

JP Morgan has started credit default swap clearing with London-based clearing house LCH, opening a line with a Nordic pension fund.

Equity capital markets are firmly gearing up for summer and investors are looking beyond to autumn and the next batch of European IPOs. But many are limiting their expectations given the number of quality companies this year which have been sold privately, rather than through an IPO.

Lietuvos Energija on Tuesday made full use of its green credentials to price a €300m bond with a much smaller new issue concession than has been seen on the majority of recent new issues.