Europe

On Wednesday, A2A became the second Italian utility this week to sell a 10 year new issue. The company achieved the current benchmark low single digit new issue premium for its €300m deal.

On Wednesday, Aroundtown took advantage of the current very favourable conditions in the sterling market. The Germany-focused property company’s debut issue in the currency took to four the number of different currencies the issuer has sold bonds in during 2017.

Standard Life Aberdeen and Nationwide Building Society both issued long duration tier two debt on Wednesday, taking advantage of a robust dollar market.

Tuesday’s speech from Catalan president Carles Puigdemont went some way towards restoring a sense of calm in Europe, as he stopped short of making a unilateral declaration of independence from Spain, instead offering to negotiate with the national government.

Shares in Terveystalo Healthcare, the Finnish private healthcare business owned by EQT Partners, rose 7% on Wednesday morning after they began trading in Helsinki. The company's IPO closed a day early due to the strength of demand.

Bond markets remain sanguine about the declaration of independence by Catalonia's president Carles Puigdemont on Tuesday, but that could change sharply if Spain clamps down with force.

The corporate bond market has endured many disruptive headlines in recent years, but it has remained resilient, thanks to investors sticking to considering credit fundamentals as the most important factor when evaluating their strategies.

Shareholders in Russia’s United Co Rusal raised HK$2.5bn ($320.3m) through an overnight bookbuild, following a rally in the stock as its parent EN+ Group is seeking a $1.5bn IPO.

After a slump in volumes over the past year since the UK’s vote to leave the European Union, the London IPO market is reviving, with two more flotations announced so far this week.

National Bank of Greece’s ability to attract a high oversubscription for its three year covered bond on Tuesday showed it is on the road to recovery. But without sovereign debt relief, the precarious state of Greece’s government finances will continue to blight the economy and its fragile banks.

Moody's expects Agrokor's creditors to recover at the low end of the 35% to 65% range on average, and that unsecured bondholders will get less than 35% of what they are owed.

Buoyed by low volatility, record high share prices, and a risk-on attitude among investors, Europe’s booming market for IPOs gained three more deals on Tuesday when Bakkavor, HelloFresh and M7 Multi-Let Reit all announced their intentions to float.