Europe

Intesa Sanpaolo and UniCredit have sold their stakes in Eramet, the French mining and metallurgy company, which they had acquired as a result of the debt restructuring of the Carlo Tassara vehicle in 2016.

Austria has become the first eurozone sovereign to syndicate a 100 year bond, selling €3.5bn to investors desperate to pile cash into ultra-long paper.

Synlab, the French clinical services provider, achieved tight pricing on Tuesday for its leveraged loan. That bodes well for a September deal pipeline that has swelled to over €5bn. But bankers cautioned small deals may still have to fight for investor attention against large offerings like Stada’s €2bn loan.

Kaufland, the German supermarket chain owned by Schwarz Gruppe, tripled its Schuldschein to over €900m, as the firm joins the ranks of German blue chips pushing the Schuldschein market's size to €100bn.

Equiniti, the UK provider of payment and administration services, has unveiled the terms for its £122m rights issue, which is intended to partly finance its entry into the US market.

Monday saw five new corporate bond issues in Europe, but Ahold Delhaize was the only issuer to price a deal on Tuesday. Unlike the triple-B rated issuers on Monday however, the Dutch food retailer paid a single digit new issue premium.

Many covered bond programmes are still falling short of new European Central Bank disclosure requirements. Unless issuers improve the timeliness and content of their disclosures, affected covered bonds could soon become ineligible for ECB repo, which would widen spreads.

Bank of Ireland was simultaneously in the sterling market and the dollar market on Tuesday as it sold tier two bonds from its holding company.

Austria’s Hypo Vorarlberg made its first entry into the green bond market this week, clearing the path for future deals by not squeezing the price.

STJ Advisors, the London-based corporate finance boutique, has hired JP Morgan’s former head of European equity research, according to a senior source at the company.

Turk Eximbank issued the first bond from a Turkish bank since June on Monday, in a deal with a slim new issue premium that set a strong tone for future issuance as books hit $2.1bn.

Banca Sella is set to hit the public market for the first time in over seven years — but going public for a small deal brings risks as well as opportunities.