Europe

ThyssenKrupp, the German steel company, raised €1.37bn of fresh equity on Monday night, in one of the largest primary accelerated bookbuilds of the year so far in EMEA.

Peter Ellemann has left his position as head of European loan syndications at ANZ Bank around a month ago, according to sources in the market.

Aareal Bank managed to attract orders of more than £550m for its £250m Pfandbrief, reflecting the fact that the bonds offer tremendous value relative to senior unsecured and corporate debt. The deal followed a tap of similar size issued by Swedbank.

Tuesday proved to be hybrid day in the European corporate bond markets with Aroundtown tapping its dollar hybrid bond for €200m while German electric utility, RWE, announced it was tendering for up to €550m equivalent of its own equity-like debt.

Caixa Económica Montepio Geral has mandated lead managers to market the first publicly syndicated Portuguese conditional pass through (CPT) covered bond using a structure that is somewhat different to Dutch CPTs.

US machinery manufacturer, John Deere, returned to the euro corporate bond market on Tuesday, selling its second deal in September. The €500m five year deal was issued by the company’s John Deere Bank entity.

Banco Santander did not price inside initial price thoughts for a perpetual non-call six year additional tier one (AT1) bond on Tuesday.

The subscription ratio of a seven year covered bond issued by SR Boligkreditt this week was higher than any Norwegian deal issued in at least six years.

Hungary is set to take advantage of lower rates in euros to buy back its more expensive outstanding dollar debt.

Münchener Hypothekenbank made its public Swiss franc bond market debut, raising Sfr160m ($164.8m) with a December 2024 bond this week. But, with few German financial institutions with natural franc needs, the possibilities of follow-on trades are few and far between.

Turkey’s Vakifbank has signed its second refinancing facility of the year for $891m with 22 banks, bringing the second round of Turkish bank refis to a near end.

On Monday night, Cinven, the private equity group, sold a 10% stake in Just Group, the UK financial services company, through an accelerated bookbuild led by Barclays and Numis.