Europe

French vehicle parts supplier Valeo opened the corporate bond market alone this week when it sold a €600m seven year deal ahead of what one bank described as “the most important macro week of the year”.

Unrealistic pricing expectations are keeping two EM corporate issuers by the wayside after volatile markets forced Atrium to cancel a tender offer combined with a new issue last week.

The UK Financial Conduct Authority (FCA) on Monday made public its worries about cryptocurrency crime, advising banks on how they could properly scrutinise clients involved in the nascent sector.

The IPO of Adyen, the Dutch payments processing company, is due to be priced at €240 a share, the top of the initial range, after the deal has attracted “unprecedented” levels of interest from investors.

CreditSights, the credit research company, published a report on Thursday evening highlighting a concern about the Innogy green bond, in the context of the complex deal in which E.On is buying Innogy, while RWE buys assets from both companies.

Lloyds Banking Group sold its remaining stake in Standard Life Aberdeen after the market closed on Thursday night in a £344.3m block trade.

Leisure entrepreneur Eric Wilborts pleased the market on Thursday night by offering up his entire stake in Basic Fit, the Dutch operator of low cost gyms and health clubs, in response to a number of reverse inquiries from investors.

In a rare instance for CEE countries, Romania has printed 30 year dollar bonds.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

DG Hyp issued a €500m nine year Pfandbrief on Friday with demand of €1bn and a concession of about 5bp. The deal follows an active week in covered bonds and comes ahead of what is likely to be another busy week before the European Central Bank meeting — partly reflecting continued execution uncertainty in the senior unsecured market.

The Financial Conduct Authority is going through with its plan to create a new premium listing category for sovereign controlled companies, despite fears among investors and lawmakers that the move will weaken corporate governance standards in the UK.

Dutch data centre operator Interxion sold a €1bn bond deal this week, the largest fixed rate junk bond of 2018 so far, as the European high yield primary market starts to warm up after a quiet couple of weeks.