Europe

ING said on Wednesday that the 'Basel IV' reforms could push up its risk-weighted asset base by 15%-18%. This might lead the bank to increase and front-load its TLAC issuance.

The two previous 100 year corporate bonds sold in the sterling market had received excellent responses and on Wednesday London-based charity the Wellcome Trust joined the century club, proving that investors' demand for ultra long bonds is far from satisfied.

The Republic of Poland has set final terms for its €1bn 8.5 year green bond, with books over €3.4bn at the last market update. A banker away from the deal called the final level tight.

Italian toll road operator Società Iniziative Autostradali e Servizi (SIAS) followed a four day investor roadshow with its third 10 year bond this week. A €1.9bn order book allowed the company to print its largest ever deal at a much tighter spread than its previous two offerings.

The long anticipated US Treasury Department report on oligarchs and parastatal entities of the Russian Federation was published on Monday night, but no indication of the Treasury’s recommendation on sanctioning Russian government debt was given.

In just over a month, Italy will hold its latest general election. With the polls suggesting a healthy lead for a centre right coalition the effect on investment grade corporate spreads has been negligible so far. However, research house CreditSights believes investors should be looking more closely.

Aviva Investors has brought in experienced analyst Carmen Altenkirch as a sovereign analyst on its emerging market debt team.

Equity investors have entered the New Year hungry for assets. Demand on deals has well exceeded initial volumes, leading to issuers increasing sale sizes.

Rabobank has priced a Rmb500m ($79m) offshore renminbi bond, taking advantage of a favourable CNH cross-currency swap rate. But despite the gradual pick-up in dim sum activity, the market is divided over whether the asset class will maintain its momentum.

Avedon Capital Partners, Bain Capital, Black Diamond and Cinven have launched the first post-IPO selldown of shares in JOST Werke, the German maker of axles and chassis for lorries and trailers which listed on the Frankfurt Stock Exchange in July 2017.

While Tuesday brought a flurry of euro benchmarks, the pace of issuance will slacken on Wednesday as the market battens down for a busy week of US data announcements.

Shares in Steinhoff have fallen by over 12% in trading on Tuesday as the firm informed the Dutch regulator that it would not be publishing its 2017 financial results by January 31.