Europe

Eika Boligkreditt has mandated leads for a €500m no-grow seven year, to be launched on Tuesday. The spread between Eika and DNB Boligkreditt is likely to have tightened substantially since the issuer last came to market in April 2016.

Berlin Hyp (BHH) has appointed leads for a four year Pfandbrief, and unless it plans on giving a away a large new issue premium, the bonds are expected to have a negative yield.

In contrast to most other research teams, which are predicting unchanged or higher covered bond primary volumes next year, analysts at Commerzbank expect gross supply to decline.

Corporate bond issuers are using this week to prepare investors for the last window of issuance of 2017. Monday saw more issuers add their names to the roadshow schedule in Europe as TLG Immobilien used the quiet conditions to issue its debut bond.

Deals topping €1bn are becoming more common in the European leveraged loan market, pushing gross issuance to annual record levels. CeramTec announced the latest, with a €1.1bn leveraged buyout.

Banca Carige has launched its €560m equity capital raising, after two days of frenetic talks on Thursday and Friday, following the bank’s surpise announcement on Thursday morning that it had been unable to form an underwriting syndicate. Several new investors have agreed to invest in the deal, which will be at 60 new shares for every one held.

Unipol Gruppo said on Monday that it was looking to sell its first senior unsecured deal since 2015, following a ‘disappointing’ year for issuance from European insurers.

Derivatives markets participants listening in to BBC Radio 4 on Monday morning would have been surprised by a voice that they are more accustomed to hearing in conference halls — that of Christopher Giancarlo, chairman of the Commodity Futures Trading Commission.

Sparebanken Vest and Tikehau Capital were both in the market for €300m senior deals on Monday, and Landsbankinn mandated banks for a deal with same size.

Crane maker Konecranes raised €150m with an inaugural Schuldschein on Monday, following its Finnish compatriot, food packager Huhtamäki.

Russia’s State Transport Leasing Co (GTLK) is planning investor update meetings next Monday.

Eurohold Bulgaria, an insurance focused financial institution operating in central and eastern Europe, on Monday announced plans to meet investors for a euro-denominated Reg S deal — but did not give any indication of size or tenor.