Europe

German oil refinery Heide chose one of the high yield market's quietest weeks of the year to fund a €200m dividend to its shareholder. Investors bought it, but some bankers spotted a steep premium in the pricing.

Turkish banks Garanti and Finansbank have signed their last refinancing loans of the year, for $1.36bn and $780.05m, respectively.

TCM Group, the Danish kitchen maker, has priced its initial public offering on Nasdaq Copenhagen, at Dkr98 a share, giving it a market cap of Dkr980m (€132m).

M7 Multi-Let Reit, the UK real estate investment trust focused on regional multi-let commercial property, has become the latest firm to abandon its plans to list on the London Stock Exchange.

The ebb and flow of secondary markets and the stop-start effect of the Thanksgiving holiday on this week’s new issuance are prompting a range of views from syndicate managers as to just how long the market will remain open in 2017.

Property developer Country Garden, which holds the record for selling the Panda market’s largest bond, has obtained approval for a Rmb9.5bn ($1.44bn) issuance programme, the company said in a filing on Hong Kong Stock Exchange on Thursday.

After a delayed start at the end of last week, Banca Carige’s €500m rights issue is under way. So far it has been a “rollercoaster”, a source close to the deal said, but its promoters are delighted that the Genoese bank has got its money, thanks to the multi-handed underwriting agreement.

Improving bank credit and tightening in other asset classes have widened the appeal of additional tier one (AT1) paper. But newcomers should make sure they price in the risks of resets and call options.

The Dutch State Treasury Agency's primary dealer quotation obligations gave Bank of America Merrill Lynch trader Paul Walter the chance to pick off his counterparts on the ‘BrokerTec’ platform — behaviour for which he was fined by the UK's Financial Conduct Authority on Wednesday.

Berlin Hyp (BHH) showed this week that investors are so hungry for short dated covered bonds that they are prepared to pay a negative yield for the privilege of owning them. Even so, it is unlikely that any other issuer will meet this extraordinary demand, writes Bill Thornhill.

Property has been one of the most favoured sectors in the corporate bond market in 2017 and this week saw three more deals. Germany’s TLG Immobilien and Spain’s Inmobiliaria Colonial added €1.2bn to the year’s supply in euros, while UK student accommodation provider Liberty Living sold a £500m ($665.3m) deal.

French toll road operator Holding d’Infrastructures de Transport paid a hefty premium last Friday as it sold a dual tranche bond to help refinance its March 2018 note. The Baa3 rated subsidiary of Spanish infrastructure company Abertis suffered from the uncertainty surrounding a takeover of its parent company.