Europe

Belgium achieved one of its tightest new issue premiums for years with its inaugural green bond, as green-minded investors from across Europe — and at central banks — piled into the deal on Monday.

Orpea's €400m seven year foray into the unrated bond market on Thursday was welcomed by Euro PP lawyers and bankers as a sign their market is succeeding in helping issuers enter the capital markets. Those in the Schuldschein market are not so satisfied.

The European Bank for Reconstruction and Development set a new pricing bar for 2018 in five year dollars on Wednesday as it equalled its largest ever dollar benchmark size. Municipality Finance was also out in the same tenor, with a trade that leads said had a concession of 2bp-3bp.

Europe’s syndicated loans bankers say recent transactions highlight how cut-throat the market is for lenders, as the European Commission gets under way with a study on market practices.

Investor worries about this Sunday's election in Italy have not materialised yet in terms of having an affect upon fear gauges and hedging activity with both subdued, especially when compared to notable European elections from last year.

French commercial property company Carmila returned to the investment grade bond market after two years away and received a positive response from investors for its longest maturity to date.

Before 2017, US crowd services provider Equinix had not issued a bond in euros. But it has now visited the European high yield market three times, having completed its latest deal on Wednesday.

The head of capital markets for a Nordic agency has become CEO and president of the organisation, with his old position being filled by an internal promotion.

De Volksbank enjoyed a strong reception for its 10 year benchmark covered bond and, in contrast to unsecured French and UK deals being sold simultaneously, the smooth execution showed the asset class is a “rainy day” product.

Lloyds Banking Group was marketing a tier two deal in euros on Wednesday, after Svenska Handelsbanken brought the tightest tier two bond in its maturity choice on Friday.

Books for the Republic of Slovenia’s triple tranche euro bond tap were in excess of €3.6bn by lunchtime on Wednesday, with final spreads having been set for each clip. The deal is part of a liability management exercise that swaps out short dated dollar debt for longer euro denominated paper.

Nexity, the French property developer, increased a convertible bond issue from €180m to €200m on Tuesday after receiving strong demand.