Europe

Many in the financial industry in Madrid believe Catalonia’s independence adventure is over. But plenty in Barcelona expect lengthy spells of uncertainty after Spain’s government moved to end the region’s autonomy.

Barclays has beefed up the senior management of its UK mergers and acquisitions business, as part of a plan to boost its market share across Europe.

KfW tapped its July 2020 Australian dollar green bond for A$200m ($156.9m) on Wednesday, pricing well inside its existing Kangaroo curve — an illustration of the developing maturity of green markets down under.

The Federal State of North Rhine-Westphalia came to market for its longest ever bond on Thursday, raising €1bn with a 40 year transaction in a market that “just can’t get any hotter”, according to a banker at one of the leads.

Shares in Varta, the German maker of micro-batteries for hearing aids and wireless headphones, closed 15% higher on Thursday after the company priced its €203m Frankfurt IPO at the top of the range.

The IPO of Aedas Homes, the Spanish home builder, has been priced at €31.65, the bottom of the €31.65 to €33.15 initial range, after receiving orders from almost 100 investors.

This week, Esselunga, a 60 year old Italian supermarket chain issued its debut corporate bonds. It is rated Baa2/BBB-, the same as its own government.

Salini Impregilo, the Italian construction firm, printed new bonds with a coupon under 2% on Thursday, becoming only the third high yield borrower to duck under the hurdle this year.

Belfius Bank opened books on a second non-preferred senior deal on Thursday, setting a final spread inside where it priced its debut — a shorter dated deal — just six weeks earlier.

Bank of Montreal (BMO) became the first Canadian name to issue a covered bond in euros since March with a €1.5bn trade on Thursday.

Helaba faced few difficulties on Thursday with a €250m tap of a ten year bond.

Kernel, the Ukrainian grain and sunflower producer, has signed a $200m syndicated loan to refinance a $300m facility from last year, with a longer three year tenor.