Europe

Investors appear emboldened by news of a snap election in Catalonia, returning to Spanish government bonds and pushing yields down to near two month lows.

Italian oil and gas engineering group Saipam printed its second issue of high yield bonds this year on October 27, as the market kept its momentum for top speculative grade rated borrowers.

TCM Group, a Danish maker of kitchens and bathroom furniture, plans to list on Nasdaq Copenhagen this autumn.

Asklepios Kliniken, a German chain of hospitals, raised more than double its initial target of €300m of funding in the Schuldschein market, showing the market’s appreciation for German borrowers from familiar sectors.

Two new Russian commodity deals are in the market, following a flurry of pre-export finance (PXF) facilities earlier in the year. Unsecured formats are proving more popular, while even PXFs are less secure than they used to be.

Sparkasse Hannover has joined Wüstenrot Bausparkasse in the euro covered bond pipeline. Both issuers are likely to get strong executions for their sub-benchmark Pfandbriefe which may no longer need to offer a premium relative to benchmark deals. At the same time, Sparebank 1 Boligkreditt has mandated leads to market its first covered bond in sterling.

October’s European IPOs are seeing mixed results in trading, with some of the month’s deals slipping after pricing, while others enjoy strong performance.

Under Solvency II, regulators’ inability to loosen insurers’ capital requirements could worsen the market situation in a crisis, according to the UK parliament’s Treasury select committee.

After 130 years as a family business, Navarra-based berries producer Planasa sold a majority stake to private equity firm Cinven on Monday, in a €450m deal.

The European Banking Authority (EBA) has agreed on a final timeline for the 2018 EU-wide stress test, giving banks longer to report their results because of the expected challenges of dealing with the International Financial Reporting Standard (IFRS 9).

Swedbank set tight final terms for its €500m five year senior green bond on Monday, as the Swedish lender followed green debuts from Nordea and Skandinaviska Enskilda Banken (SEB) earlier this year.

Fibabanka has shelved plans for an inaugural senior dollar bond despite signs of a recovery in Turkish bank paper.