Europe

Iron Mountain, Bormioli and Constellium revved up the engines of the European high yield market with new deals announced on Tuesday that pushed overall issuance so far this year closer to 2014’s all-time €84bn high.

Norsk Hydro completed its buyout of fellow Norwegian aluminium producer Sapa, valued at Nkr27bn ($3.38bn) on Monday, drawing in part on its existing five year revolving credit facility.

HSBC came to the market on Monday with a €1.5bn six year non-call five floating rate note ahead of what is expected to be a quieter October.

A subsidiary of the Association of National Numbering Agencies (ANNA) on Monday launched its offering for the creation of International Securities Identification Numbers (ISIN) for over-the-counter derivatives.

Italy’s Banca IFIS will look to sell new tier two bonds following a roadshow this week, as Banca Carige plans to become the latest Italian bank to find a solution for its financial difficulties.

The international distribution arm of the State Oil Company of Azerbaijan (Socar) has signed a $300m loan with 15 lenders despite a recent downgrade.

Corporate bond issuers are targeting the second half of this week to bring their deals to market. Tuesday’s German Unity Day public holiday is being seen by syndicate managers as having more of an impact on issuance plans than Sunday’s events in Catalonia.

Berlin Hyp has mandated for its second unsecured green bond, as it works to make loans financing green buildings account for 20% of its lending by 2020.

Turkey’s Vakifbank has signed its second refinancing facility of the year for $891m equivalent, with a bigger euro tranche than its previous facility, showing banks' preference for financing in euros over dollars.

Finnish covered bond issuer SP Mortgage Bank has appointed leads for a roadshow that is scheduled to finish in mid-October. As only two Finnish covered bonds have been issued this year, a warm reception is assured for the rare offering.

Piraeus Bank will privately place a €500m five year covered bond to three supranational agencies in order to support €700m of new lending to small and medium sized companies across Greece.

Shares in Charter Court Financial Services, the UK challenger bank, rose 5% on their debut on Friday, after the company priced its IPO at 230p a share, the middle of the initial range.