Europe

Swedish property company Akelius Residential Property has sold eight year deals in euros and sterling during the last six months, as well as a four year Swedish krone deal. That concentrated funding activity didn’t affect the success of another euro deal on Tuesday though.

On Tuesday, Spanish infrastructure operator Ferrovial tapped into demand for the enhanced yield offered by hybrid bonds and matched the second lowest coupon ever on such an instrument.

Compagnie de Financement Foncier (CFF) this week issued one of the most oversubscribed French covered bonds in years with demand boosted by the long tenor, small deal size and positive spread. At the same time, SEB found good demand, even though it was issuing the tenth 10 year covered bond since September.

BNP Paribas set a 10 year call period on a new $750m additional tier one (AT1) trade on Tuesday, as the French bank looked to lock down an attractive cost of capital for as long as it could following an impressive month of performance for the asset class. Spain's BBVA quickly looked to follow suit.

German car manufacturer Daimler has proven a good medium to track the tightening of euro corporate bond credit spreads in 2017, having issued more than €9bn before the end of October. On Tuesday, a €1bn 10 year deal took that total within €1bn of the issuer’s 2016 total, but it didn’t come cheap.

Banque Fédérative du Crédit Mutuel (BFCM) opened books on a new €500m 10 year bullet tier two on Tuesday, giving investors a rare chance to add exposure to the asset class in the primary market, following an impressive rally in 2017.

The Republic of Lithuania has launched a pair of euro taps on the same day that PSPP behemoth the European Financial Stability Facility headed to the market for bonds in very similar maturities.

Despite returning to profit in 2016, Petropavlovsk looked to be finding it difficult to shake off past concerns about its ability to refinance debt, as well as a shareholder rebellion in June that led to the ousting of founder Peter Hambro. The issuer opened books on a five year note at low 8% on Tuesday.

Two banks are co-leading Türkiye Garanti Bankasi’s second loan of the year, which will be used to refinance a $1.2bn facility due to mature this month.

Oesterreichische Kontrollbank reopened a Kangaroo line on Monday and found interest from investors that are not often seen in Australian dollar SSA deals.

On Monday night, UBS led the sale of a 0.3% stake in SAP, the German software company, for its co-founder and biggest shareholder, Hasso Plattner. It is the first equity capital markets deal in the stock for 11 years, according to Dealogic.

As investor demand for ESG products grows, an exchange traded fund tracking companies with good policies on gender equality began trading on Euronext this Monday.