Europe

Two new high yield deals were announced on Monday with two day roadshows and seven year non-call three year structures that were expected to be priced later in the week. Oil exploration company Tullow Oil will offer a dollar deal while German packaging company ProGroup will sell a euro one.

NIBC, the Dutch bank, began the management roadshow for its Amsterdam IPO in the Netherlands on Monday with an “attractive” range that gives investors a dividend yield of up to 7.4% on 2018’s numbers, according to a banker involved.

After five years away from the market, Dutch supermarket operator Ahold Delhaize is set to become a frequent issuer as it sold a dual-tranche deal on Monday, six months after its return to the market. American Honda is not quite a frequent issuer, but its new five year deal on Monday took its total outstanding deals in euros to five.

Yapi Kredi shrugged off last Friday’s downgrade by Moody’s and was well on its way to selling a new five year senior bond on Monday morning, having started around 40bp back of fair value, according to a lead manager.

Deutsche Bank has set the terms for the IPO of its asset management division DWS after securing a sizable anchor commitment from Nippon Life, the biggest life insurance company in Japan.

The China Securities Regulatory Commission (CSRC) lifts restrictions on foreign investors seeking a majority stake in local securities firms, lawmakers consent to move to scrap the two-term presidential limit, and the Chinese commerce minister says the country will not fight a trade war with the US.

Godewind Immobilien, the German real estate company led by the former CEO and CFO of WCM, has filed an intention to float document to list on the Frankfurt Stock Exchange in a €450m IPO.

Credito Valtellinese, the Lombard bank which is raising capital to meet requirements of the European Central Bank, has announced that investors have taken 83% of its pre-emptive rights issue, with several firms anchoring the deal.

The European Commission has warned the UK that special tax rules for commodity derivatives in the country might be in violation of European Union treaties.

A breach of reporting covenants on a €350m 2022 bond of Vieo, the company that owns the low cost mobile telecoms provider Lebara, has left the Nordic high yield bond market soul searching.

JP Morgan has hired Paul Wheeler to join its oil and gas ECM business in EMEA.

Core Industrial Reit, the Irish real estate investment trust backed by US hedge fund York Capital, has called off its €225m plus IPO in London and Ireland, blaming rough markets.