Europe

Cajamar Caja Rural found good demand for a €500m five year Cédulas on Thursday, suggesting that investors are differentiating between Spanish and Italian bank risk, and with a further spread widening anticipated, peripheral issuers have every incentive to consider follow-on deals.

Cryptocurrency regulation won't be harmonised across jurisdictions, said two panellists at a Futures Industry Association conference in London this week.

NRW.Bank is preparing the next line in its green bond offering and hired banks on Thursday to run investor meetings next week.

DG Hyp is set to become the fourth Pfandbrief issuer this week and has mandated leads for a €500m nine year mortgage-backed deal.

Against seemingly insurmountable odds, Italian industrial company Carel has managed to price its initial public offering during a political crisis which has forced companies across the board to postpone or cancel deals.

On the anniversary of the resolution of Banco Popular, GlobalCapital takes a look at the issues raised by this important first test of the EU's Bank Recovery and Resolution Directive (BRRD).

Romania has released initial price guidance for a dollar bond offering around a 30bp-40bp pick-up over its outstanding curve, according to a banker away from the deal.

The Republic of Croatia pulled pricing for its €750m 2.7% 2028 bond 30bp tighter than initial price guidance on Wednesday, bringing the reoffer spread nearly flat to the outstanding curve.

The market for unsecured bank bonds is beginning to find its feet again following trades from SBAB Bank and NatWest Markets on Thursday.

Emerging market loans bankers are clinging to their tranquil view of Turkey amid soaring bond yields in the country. The insular nature of borrowing practices there means international lenders are exposed almost exclusively to Turkey’s banks.

As banks struggle with tracking brokerage costs, they need to work out ways to properly manage cost transparency by normalising their trade data.

The Federal State of Berlin printed a 15 year trade on Wednesday — its first €1bn bond since 2015, according to Dealogic. The trade was joined by a five year from Corporación Andina de Fomento.