Europe

Första AP-Fonden (AP1) has become the latest institutional investor to look beyond Europe for returns in the corporate high yield bond market, with Hermes set to manage its new global high yield fund.

Market participants are divided over the importance of having total return swaps (TRS) for the additional tier one (AT1) market, after investment banks started offering the contracts earlier this month.

Raiffeisen Landesbank Oberösterreich (RLB OÖ) is set to issue its first ever unsecured bond.

Turkey’s banking regulator issued a statement over the weekend asking the public to ignore stories about the country’s banks, after local press reports that some Turkish lenders could be fined billions of dollars by the US for violating sanctions on Iran.

Bank Gospodarstwa Krajowego is marketing a long 10 year euro benchmark bond on Monday, getting in before what is expected to be a slew of emerging market bond sales this week.

WL Bank and Berlin Hyp this week followed last week's lead by Helaba, taking advantage of a quiet market and historically tight covered bond spreads to launch two tightly priced €250m Pfandbrief taps at the long end of the curve this week.

En+ Group, the Russian power and metals company controlled by Oleg Deripaska, has opened the books for its $1.5bn IPO in London and Moscow, which may value it at up to $8.5bn if the deal is priced at the top of its price range.

The Shenzhen Stock Exchange (SZSE) wants Panda bond issuers to raise RMB funding in Shenzhen for Belt and Road projects, the governments of Guangdong, Hong Kong and Macau plan new scheme to allow greater use of renminbi in the region, and the Moscow branch of Industrial and Commercial Bank of China (ICBC) becomes an interbank FX lending member.

Just three months after Nestlé last extended its corporate bond curve, the Swiss food group is back in the market. On Friday it pushed its range of maturities even further.

Aroundtown, the German commercial property company, raised €450m of growth capital on Thursday night in a share sale led by Goldman Sachs, Berenberg and Deutsche Bank.

Cabot Credit Management, the biggest debt collector in the UK, launched its highly anticipated IPO on Friday, adding its name to the already vibrant list of companies preparing to go public in London this autumn.

PKO Bank Hipoteczny has mandated for a Polish zloty-denominated covered bond deal, following on from mBank, which has issued Z1.5bn in the domestic market recently.