Europe

French parking company Infra Park sold a new 10 year bond on Thursday to refinance calling a short dated bond and reimbursing a shareholder loan.

French aerospace and defence company Thales took a proven route to success when it sold a new dual tranche deal on Thursday, combining short dated floating rate notes with a fixed rate offering.

Deutsche Pfandbriefbank offered a "sensible" price for its first additional tier one bond on Thursday, while Austrian lender Bawag announced its intention to follow with own debut in the format.

Rusal bondholders are in a pickle. They have been told by the US Treasury that they have 60 days to dump the sanctioned Russian company’s bonds, but trading has halted, leaving them stuck with the debt. Investors are lost as to how to value the bonds in their portfolios and are scrambling to work out how they can legally continue to hold and mark them.

Californian private equity firm Bertram Capital is combining its European portfolio company Anord Control Systems with UK firm Mardix. The move was funded in the direct lending market with a participation from arranger Barings.

Montenegro followed Egypt to the euro bond market this week, offering investors another chance to take on single-B risk in the currency.

NIBC Bank paid a healthy premium for a senior unsecured bond on Thursday, in its first new offering following two ratings upgrades and its debut sale of additional tier one debt.

Bank of China (BOC) returned to the bond market with a Belt and Road blockbuster this week, raising around $3.2bn from a multi-tranche, multi-currency deal. Addison Gong reports.

Demand for high yield bonds and leveraged loans has become patchy, fund managers say, after several months of heavy issuance.

Portugal printed its first new long dated benchmark since September 2014, drawing the week’s largest order book in the public sector bond market for its 15 year deal.

The investment grade corporate euro bond market had shown a steady return to strength after Easter, but Thursday's five-deal spree tested its resolve . The market last saw that many deals on March 15 – a day described by one syndicate banker as a repricing point.

The International Swaps and Derivatives Association this week asked its members for feedback on the potential integration of smart contract functionality into the definitions that govern derivatives transactions.