Europe

Two Apollo Credit funds and a division of Cerberus Capital Management sold £61m of shares in UK bookmaker Ladbrokes Coral via an accelerated bookbuild run by Morgan Stanley on Wednesday night.

Books for Credit Europe Bank’s $150m tier two bond were at $375m on Thursday afternoon as the bank set the launch price for the deal at 7.25% yield.

The Bank of England raised its base rate for the first time in more than 10 years on Thursday — but analysts described the move as a “dovish” and “pessimistic” hike. Gilt yields fell following the move, providing a potential boon for a UK Debt Management Office (DMO) syndication next week.

Macquarie has led a £1.3bn ($1.7bn) secured financing in the direct lending market for the acquisition of a 50% stake in a UK offshore wind farm, the Walney Extension, taking £500m of the issue itself.

Bank Nederlandse Gemeenten (BNG) launched its fourth sustainability bond on Thursday, printing €750m into what one head of DCM away from the trade called a “massively oversubscribed book”, in what is likely a good omen for the approaching wave of SRI borrowing.

Amprion, the German electricity transmission firm, is looking to raise €100m with the Schuldschein product as well as the Namensschuldverschreibung (NSV) — a similar instrument that is registered and can have a maturity longer than 10 years.

Covered bond supply should start to improve in the next two weeks, with European holidays and blackout periods coming to an end. But it is doubtful that the expected increase in volumes will be sustained for long enough to meet the 2017 annual supply forecasts many analysts made last year.

Investment boutique Green Ash became the newest player in the corporate high yield market this week, with its short dated speculative grade bond strategy set to include a large allocation to UK credit.

SpareBank 1 SMN diverged from its typical issuance format on Thursday to fill a gap in its funding curve, ahead of clarification over how Norwegian banks will meet minimum requirement for own funds and eligible liabilities (MREL).

After two days of public holidays in Germany, euro corporate bond bankers launched the first new issues of the week on Thursday. Two frequent German issuers, Aroundtown and Daimler, broke the silence.

Books for Credit Europe Bank’s $150m tier two bond are at $375m as the bank sets the launch price for the deal at 7.25% yield.

The dim sum market’s recent issuance run is set to continue after Hitachi Capital (UK) priced a three year deal on November 2 – less than two months after the issuer sold a Formosa bond.