Europe

Kommuninvest on Tuesday took advantage of a quiet dollar market to sell its largest ever deal, despite only offering a concession of 2bp, according to the lead managers.

Does it matter if a green bond becomes separated from the green assets that underlie it? The link keeps the issuer honest — but shouldn’t the green bond market be doing more than that?

Solidium, the investment company owned by the government of Finland, has sold a chunk of its stake in Stora Enso, the Finnish maker of pulp and paper, via a block trade that was multiple times oversubscribed, according to a banker involved in the deal.

TruePTS, a derivatives post-trade company set up by trueEX, is gearing up to face off against derivatives processing utility MarkitSERV as it launches its offering for buy-side firms.

The Swiss listing of Klingelnberg, the German family-owned gear engineering company, got off to a flying start and was covered across its range within 24 hours of launching the deal.

Credit Suisse has hired Amin Ait Tayeb from Commerzbank for its DCM team.

Sweden’s Lundin Petroleum has slashed 90bp off the margin of its $5bn reserves-based lending facility, as borrowers continue to heap pressure on lenders over pricing.

Austrian oil and gas company OMV sold the first corporate hybrid deal in four weeks on Tuesday when it sold a €500m perpetual bond with a non-call six year structure which was more than three times subscribed.

DNB Boligkreditt priced its inaugural green covered bond this week, paying a smaller new issue premium than core European names, but still attracting a large and granular order book in a short time frame.

Ukrainian Eurobonds weakened early this week as sentiment waned, despite some progress in an anti-corruption law that is a key condition for the disbursement of the next round of funding from the International Monetary Fund, and as the market contemplated the dismissal of respected finance minister Oleksandr Danylyuk.

HSBC was marketing a new offering of senior bonds in the dollar market on Tuesday, about a month after placing $6bn of debt into a potentially similar investor base.

Senior members of the legal departments at major Schuldschein arranging banks met in Frankfurt on Tuesday morning to discuss ‘baseline’ documentation for market transactions.