Europe

Bank of New Zealand is looking to issue either senior unsecured or covered bonds in euros, as it keeps its funding options open amid volatile trading conditions in European markets.

EN+, the London-listed aluminium and hydrogroup which was torpedoed by US sanctions in April, could soon be free as its majority shareholder Oleg Deripaska prepares to sell down his 66% stake in the group to below 50%.

The Slovak Republic is exploring the possibility of issuing a rare 50 year euro-denominated bond as markets stabilise after a tough week.

EPP, a Polish real estate investor specialising in shopping malls, has mandated banks for a euro bond, joining Atrium European Real Estate in the rush to issue the first non-financial corporate bond from CEE since early May.

The Central Bank of Russia (CBR) is planning new rules from the start of July that will ramp up the risk weighting on foreign currency loans, which analysts expect to lead to restraint in non-ruble lending in the country at a time when international banks are steering clear.

This week's scorecard looks at the progress Nordic agencies have made in their 2018 funding programmes.

Home24, the German online furniture retailer backed by Rocket Internet, has opened the books on its IPO on the Frankfurt Stock Exchange.

Kojamo, Finland’s largest residential property company, has set the range on its Helsinki listing, valuing it at over €2.1bn.

Perceived Italian political risk may have started to decline for now, but with volatility certain to return, the covered bond market is one of the safest places to be invested in. GlobalCapital interviewed a major covered bond asset manager for his view on the market in the wake of this week’s extraordinary events.

Royal Bank of Canada followed Toronto Dominion into the sterling covered bond market this week, pricing its first deal of the year at the same spread as its peer. Given a relatively high number of covered bond redemptions this year, RBC could well return.

The political upheaval in Italy is already making US investors go cold on European risk, which could magnify the market disruption Europe is likely to face in the coming months. The effects are even changing expectations on US monetary policy.

After a year of European elections failing to have much effect on markets, Italy has reminded everyone of the need to know their Mattarellas from their Di Maios. But the country stands apart when it comes to political risk.