Europe

Former Deutsche Bank trader Neehal Shah will join BNP Paribas as the global head of G10 FX trading.

On Tuesday, Gecina, the French property company, printed a successful €700m long 10 year bond, having sold €1.5bn of bonds as recently as the end of June to help fund its acquisition of Eurosic.

The various constituencies of the covered bond market voted quite differently this year and in some cases the final winning margins were close. See how the market voted for this year’s awards.

Engie, the French energy utility, priced its second green bond transaction of 2017 on Tuesday. The middle tranche of its three tranche offering extended the issuer’s green bond curve, however the longest tranche was not sold as a green bond.

Nordea’s order book was more than twice oversubscribed for a €2bn deal across two tranches on Tuesday, while Swedbank also found demand for a sterling deal. The deals suggest that, despite tight spreads, investors are not deterred from senior preferred from the right names.

ING raised €1bn of new 12 year non-call seven tier two bonds without paying any new issue premium on Tuesday, despite offering investors the chance to invest in a nearly identical deal earlier in the year.

Santander Totta took advantage of the paucity of peripheral 10 year covered bond supply, a Portuguese sovereign rating upgrade and buoyant credit conditions to issue a well received €1bn transaction on Tuesday. Meanwhile, PKO Bank signalled its intention to open books soon.

Swiss energy and commodities trader Mercuria is looking to raise $850m from a triple-tranche facility that was launched earlier this week.

Emerging market-focused Puma Energy has mandated banks for a $300m minimum seven year non-call three bond, with high yield and emerging market syndicate desks running the process at lead banks.

Türkiye İş Bankası has signed a $1.1bn dual currency syndicated loan at 10bp lower than its first loan this year in May, in line with its peers.

The €350m IPO of Gima TT, the tobacco packaging machinery division of IMA, was covered at the full deal size including the greenshoe, less than two working days into the bookbuild.

Credit Suisse has replaced Marisa Drew and Mark Echlin as co-heads of EMEA investment banking and capital markets with Mathew Cestar and Jens Welter. The bank also announced a senior hire in leveraged finance.