Europe

Grand City Properties, the German residential property firm, printed eight and a half year Swiss franc bonds on Wednesday, and also sold a new nine year in euros on Monday alongside a tender for some outstanding bonds and convertibles.

The public sector bond market in euros is in rude health thanks to the return of stability at higher yields. Two borrowers took advantage of the conditions to pull off smooth executions with skinny new issue premiums on Thursday.

Syndicates have encountered some difficulty in placing financial institution bonds this week, but there is optimism in the face of widening spreads. This is just as well for HSBC’s plans to raise $5bn-$7bn of the most risky form of bank debt in the first half of the year.

The sterling investor base can be stubborn one not listened to, as Swedish truck and bus manufacturer Scania found to its detriment when it launched its debut deal in the currency this week. Gatwick Airport and London & Quadrant had better receptions.

Italy could retrieve half of the basis points it has lost to Spain in the run-up its general election next weekend — if the vote returns the most market friendly result, according to a portfolio manager at a leading investment house.

Ence, the Spanish biomass energy company, finalised a €160m equity-linked bond on Thursday to fund the voluntary redemption of an earlier straight bond.

De Volksbank has appointed joint leads for a roadshow with plans to issue a 10 year benchmark covered bond — a tenor that has tended to be a little unloved in the secondary market. ANZ New Zealand has also appointed leads for a roadshow.

EasyHotel, the UK budget hotel developer and franchise operator, has raised £50m through an increased share placement to fund the development of new hotels. Its CEO said expansion plans stretched as far as Sri Lanka and Iran.

Overseas Chinese Banking Corporation (OCBC) had adequate demand to print a €500m five year covered bond on Thursday, and though it was unable to reach the upper end of its size ambitions, it was able to issue the tightest Singaporean covered bond in euros.

UnipolSai Assicurazioni, the insurance branch of Unipol Gruppo, came to the market on Thursday with a no-grow €500m tier two deal, which was priced inside some expectations of fair value.

The Republic of Belarus has printed its $600m 12 year bond through its curve despite other emerging market sovereigns paying up for their bonds over the past fortnight.

Intesa Sanpaolo has overcome Japanese concerns about Italy to become the first ever Italian bank to sell a Tokyo Pro-Bond.