Europe

The Republic of Croatia is embarking on a roadshow to market its longest euro denominated Reg S bond.

Crayon Group, the Norwegian software management company, had to fight for investors' attention to get its Nkr650m IPO sold, its CEO Torgrim Takle said on Thursday.

Principality Building Society has picked banks to arrange a roadshow for a new sterling-denominated senior unsecured bond, marking the issuer’s first visit to the market in any currency since before the financial crisis.

The SSA dollar juggernaut is set to roll into a third day, with two deals on screens for Thursday’s business. Investor appetite shows no sign of letting up, as the two deals priced on Wednesday drew large books — as was seen with a host of trades a day earlier.

M7 Multi-Let Reit has cut its London IPO in half and extended the subscription period by more than two weeks, having failed to find enough demand so far.

Quite often after a busy couple of days the corporate bond market pauses for breath. Not this week. Six new issues on Wednesday took the deal count for the week to 14, with little discernible effect on spreads.

The Agence Française de Développement (AFD) managed to pull its spread in by 6bp from price guidance on its six year green bond issue today, attracting a heavily oversubscribed book full of investors seemingly ready to buy at any price.

Peter Ellemann has resurfaced back at ABN Amro, after leaving his position as head of European loan syndications at ANZ in September.

Swiss franc bond investors have the opportunity to buy paper with a longer maturity on Wednesday, as telecoms company Swisscom launched a Sfr150m 16 year trade, but bankers say that despite the positive reception to the deal, longer dated primary issuance in the currency will remain rare.

Manchester Airport Group announced itself in the sterling corporate bond market with two deals in two months in 2014. It returned to the market on Wednesday with a print tighter than its two better known rivals.

Italian corporate issuers have dominated bond issuance in recent weeks but Wednesday brought a pair from Iberia, as two energy suppliers took advantage of the market's hot conditions.

Excelitas and Axilone have added to the list of leveraged buyouts catching the attention of the European market amid a busy stream of loan repricings.