Europe

Turkey’s Garanti Bank has wrapped up its springtime loan refinancing, raising $1.4bn-equivalent and continuing the pricing trend seen among peers in recent weeks.

Sanctioned Russian aluminium company Rusal’s $500m 4.85% 2023s are once again trading and holders are expecting a rocky ride as compliance departments clash with analysts over their worth.

A solitary syndication from KfW broke the otherwise placid waters of the public sector debt market on Wednesday.

Société Générale on Wednesday morning revealed that it had listed 74 leveraged exchange traded products for trading on the London Stock Exchange, aiming squarely at sophisticated retail investors.

Paradigm Housing Group, a UK housing association, has sold £100m of 30 year US private placement notes to a single investor, using a lengthy delayed draw.

Investors appear to be allocating more cash to buying leveraged loans and high yield bonds.

On Wednesday, a syndicate of 17 banks was mandated to help French shopping centre operator Unibail-Rodamco raise €3bn with four tranches of senior bonds. The deal came two weeks after the company sold €2bn of hybrid bonds.

Raiffeisen-Landesbank Steiermark is expected to open order books on Thursday for a €500m 15 year Austrian Pfandbrief, LBBW is planning a UK roadshow with a sterling Pfandbrief in mind and Aktia Bank has announced plans for a euro covered bond roadshow.

Engine manufacturer Rolls-Royce returned to the European corporate bond markets on Wednesday after a break of nearly five years. The British company sold a €1.1bn dual tranche deal which extended its maturity profile in euros.

Demand for European IPOs is high but investors are refraining from putting money to work unless offered a sizeable discount.

The Bank of England, the primary regulator of UK clearing houses, has decided to go ahead with a new rule that would compel CCPs to report issues with their servers and other technology systems.

Two unnamed Nordic issuers are considering raising long dated US PP dollar debt in the next few weeks, according to an agent in the market. But Nordic issuers are often tricky to tempt away from their local markets.