Europe

The EM bond market is primed for trades this week, though syndicate bankers said that there were few names ready to pull the trigger other than Ukraine and the Islamic Development Bank (IDB), which have already hit screens.

Despite being a small financial institution issuing in sub-benchmark size, Denmark’s Jyske Bank was able to price its first additional tier one (AT1) deal in euros with the lowest ever coupon rate for a bank in the Nordic region. The deal bodes well for rarer names looking to fill up on regulatory capital.

Commerzbank is organising a non-deal roadshow in Taipei for Goshawk Aviation, the commercial aircraft lessor owned by a pair of Hong Kong conglomerates.

Venezuela replaces the dollar with the renminbi as the quoting currency for its oil exports, the People’s Bank of China says bankers are confident about the Chinese economy, and the Shenzhen-Hong Kong Stock Connect sets a new record in turnover volume.

Pirelli, the Italian tyre maker, has revealed the price range for its IPO in Milan, which could surpass the €3bn flotation of Allied Irish Banks in June as the biggest IPO in Europe this year - if the deal is priced near the top of the range and the greenshoe is exercised.

UniCredit has made three new appointments within its financial institutions group for Germany and Northern Europe.

French market regulator Autorité des Marchés Financiers (AMF) has promoted Natasha Cazenave to head of public policy and international affairs, and replaced Guillaume Eliet, who has left to work for Euroclear.

Eleven benchmark corporate bond deals were priced in Europe this week, but even more are in the pipeline. Syndicate managers expect conditions to remain favourable for issuance in both euros and sterling.

The Cover and GlobalCapital held the annual Covered Bond Awards Dinner on Thursday night at Casa Llotja de Mar in Barcelona, celebrating the best performers in the market.

The EU has laid out how it plans to change the roles of the European supervisory authorities (ESAs), including giving the European Securities and Markets Authority (ESMA) direct authority to approve prospectuses for wholesale debt issues.

Rating: Aa1/AA+/AA+

Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany