Europe

ssuer rating: Baa2/BBB/A

Austrian wood products manufacturer Egger Holzwerkstoffe sold its third hybrid capital deal on Monday, with its largest size and lowest coupon to date after a 24 hour bookbuild.

French property company Gecina started its funding programme for 2018 with a €500m 12 year offering on Wednesday after selling €2.5bn of bonds in 2017.

The Province of Alberta printed a strong 10 year dollar benchmark on Thursday — the first from an SSA since late January — leading the way for others to follow, said SSA bankers. Elsewhere, Export Development Canada was unable to move from price thoughts on a five year global.

Three sterling deals this week matched the busiest week of 2018 for the currency as two UK corporate issuers returned to the market after notable absences and a US issuer opted for sterling for its first non-dollar deal.

Prologis, the US-based warehouse Reit group, recently became the first issuer from its sector to issue a green bond, when it sold a €300m 10 year deal.

German business software company SAP printed a €1.5bn triple tranche deal at tight spreads on Wednesday after more than a year and a half without issuing.

UK finance minister Philip Hammond finally laid out the country’s position on Brexit and financial services in full on Wednesday, in a speech greeted warmly by the City. However, it was in stark contrast to the position of some EU member states, notably France, that financial services cannot be included in a free trade agreement.

China National Chemical Corp (ChemChina) enlisted the help of 18 lead managers to sell a six tranche bond in two currencies on Wednesday.

Since Danish transport and logistics company AP Møller-Maersk last visited the bond market, both Standard & Poor’s and Moody’s have downgraded its ratings and put them on negative watch. However, it has still managed to issue its longest maturity deal so far in euros, alongside a tender offer.

John Laing Group, the UK infrastructure projects company, this week unveiled plans for a £210m rights issue to take advantage of a “growing pipeline of opportunities”.

UK homebuilder Taylor Wimpey has amended and extended its £550m credit line, doubling the weighted average life of its committed facilities in the process.