Europe

Volkswagen’s real estate arm launched a debut green Schuldschein on Wednesday, the first of the year.

The potential end of eurozone quantitative easing may be leading to sleepless nights for some, but top tier SSAs are welcoming the slow return to historically normal rates. KfW this week sold its first five year euro benchmark with a positive yield in nearly three years, welcoming back investors that had gone elsewhere in search of return — and auguring well for future euro issuance from the sector.

Santander and CaixaBank's additional tier one (AT1) deals this week suggested investors are increasingly taking account of the reset spreads of new issues, as BBVA said it would call its debut bond in the asset class — making it the first in a core currency to be called. Market participants also questioned Santander’s roadshow strategy.

The preference share market is in disarray after Aviva asserted that it could cancel its instruments at par, a decision that has been derided by fixed income investors of all stripes and is now being examined by UK market regulators. Tyler Davies reports.

The US affiliate of Wacker Neuson has raised $100m in the Schuldschein market with dollar notes, at cheaper pricing than it could have achieved with a US private placement.

The year 2018 marks the 10th anniversary of the collapse of Bear Stearns and Lehman Brothers, and still the task of tackling “Too Big To Fail” is far from complete.

Ailled Irish Banks has announced a roadshow for its debut senior deal from its holding company. A resulting transaction would also be the first sub senior deal from an Irish lender.

The year 2018 marks the 10th anniversary of the collapse of Bear Stearns and Lehman Brothers and still the task of tackling banks' 'too big to fail' problem is far from complete.

Books closed on the IPO of Siemens Healthineers, the healthcare technology division of Siemens, on Thursday lunchtime, with the base deal valued at €3.65bn and the company at €28bn.

The day after a jumbo corporate bond issue is often a quiet one for new issuance as investors digest their allocations and assess the impact on secondary spreads. But after Sanofi's €8bn offering on Wednesday, Thursday was another bumper day.

Volatility and the effect of the global market correction in February have had a negative effect on EMEA’s equity blocks market as sellers hold out for better prices later in the year.

Gategroup, the Swiss airline catering company, has opened the books on its Sfr1.3bn IPO on the SIX Swiss Exchange, valuing the company at Sfr2.6bn at the top of the range.