Europe

DekaBank, BayernLB, Berlin Hyp and Deutsche Pfandbriefbank took the opportunity to issue in small sizes across the full range of maturities with deals that were all priced with a double digit spread through mid-swaps.

Nordic high yield bond bankers are making a play to attract more borrowers from elsewhere in Europe, promising them access to local investors familiar with mid-cap borrowers and small deal sizes. This week, SecureLink, a Belgian software security company, listed its first bond on the Oslo Stock Exchange.

Groupe BPCE has become the first European issuer to use an electronic order book in the Samurai market, making it easier for the bank to execute its deal while not putting off investors, according to those on the deal.

Norway's SpareBank 1 Boligkreditt has issued the first covered bond secured solely on energy-efficient green homes. The €1bn transaction was priced almost flat to fair value and placed with a newly diversified group of investors.

On Tuesday, Italgas was the latest issuer to benefit from the lack of corporate bond supply so far in 2018. Investors, starved of paper, have caused order books to be multiple times oversubscribed and issuers have benefitted from tight pricing as a result.

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Subordinated bond deals from European financial institutions have zoomed tighter in secondary market trading this week, in anticipation of lower supply and ahead of the reporting period for full year earnings for 2017.

Vakifbank opened books on Tuesday on the third senior 2023 from a Turkish financial institution this year and was expected to guide investors towards a sub-6% print.

Providence Equity Partners increased the size of an offering to sell a 14.03% stake in Spanish telecom operator Masmovil through a block trade on Monday evening.

Metrovacesa, the Spanish property developer, has opened the books for its IPO on the Spanish stock exchanges with a price range that values it at up to €2.95bn.

HIG Capital has acquired a controlling stake in German manufacturing firm Beinbauer Group. The fund used financing from direct lender Beechbrook Capital, with both borrower and lender praising the flexibility of the evolving direct lending market.

Spain, fresh from an upgrade to its Fitch credit rating, hit screens on Monday to announce a new 10 year euro benchmark. The sovereign will share the market with Agence Française de Développement (AFD).