Europe

On Wednesday sterling corporate bond investors had to evaluate the three latest tranches from property companies as Segro sold a £750m 12 year and 20 year offering and Notting Hill Housing Trust brought a £400m 31 year deal.

Sterling corporate bond investors had three tranches of property company debt to evaluate on Wednesday, as Segro issued a £750m 12 year and 20 year deal and Notting Hill Housing Trust a £400m 31 year.

Eurazeo, the private equity group, is selling a 4.56% stake in Elis Services, the French bed linen and laundry company, through a block trade of about €220m.

Siemens, the German engineering group, sold nearly all its stake in Osram Licht, the Munich-based lighting company it span off in 2013, via an accelerated bookbuild led by Citigroup and Deutsche Bank on Wednesday night.

Interdealer brokerage firm TP ICAP has made a number of hires in its Institutional Services division, the company announced on Wednesday. The division provides advice, sales and execution to clients like institutional asset managers and hedge funds.

Ireland has sold its first negative yielding bond, raising €4bn with a five year. The deal pulled in €10.1bn of orders, despite some trepidation over the developing situation between Catalonia and Spain.

Turkish oil refiner Tüpraş will start roadshowing a 10 year dollar bond on Friday, but the issuer’s links to Iran are expected to raise questions on the roadshow.

Czech rental housing company Residomo is marketing a €680m seven year non-call three year senior secured bond that is expected to garner interest from global high yield accounts and emerging market investors.

The covered bond market has not looked this strong all year, and with the European Central Bank (ECB) widely expected to announce a tapering of asset purchases this month, borrowers are highly motivated to issue in size and duration — a message that BPCE understood loud and clear when it issued a long 10 year on Wednesday.

La Banque Postale was able to tighten pricing by over 10bp from initial price thoughts as it became the latest French name to issue in the senior non-preferred asset class.

Sumitomo Mitsui Financial Group (SMFG) came to the market with a seven year senior unsecured bond on Wednesday to finance green projects, with Mizuho still in the pipeline for a green deal of its own.

Iccrea Banca sold its second euro senior deal of 2017 on Wednesday, with Italian banks piling back into the primary market and eclipsing last year’s issuance volumes.