Europe

On Wednesday, Spanish electricity utility Iberdrola became the third corporate issuer in a week to print a green bond in euros. The €750m 10 year deal took the total corporate green bonds issued since the summer break to €1.95bn.

Imperial Brands, the UK tobacco company, sold a 10% stake in Logista, the Spanish wholesale deliveries company, on Wednesday evening through an accelerated bookbuild led by Credit Suisse and Goldman Sachs.

At the peak of demand Swiss private banking group Julius Baer was about 30 times subscribed for its first additional tier one (AT1) offering in dollars this week, prompting the leads to swing pricing in by about 75bp.

Liberbank, the Spanish retail banking group, has announced a €500m rights issue to improve its coverage of nonperforming assets (NPA) and to boost its capital ratio.

LCH SwapAgent has processed its first trades, with Citi and Deutsche Bank becoming the system's first counterparties as they executed a Swiss franc denominated interest rate swap and a euro denominated inflation swap.

Inter-American Development Bank won a big reception on Thursday as it completed its benchmark funding for the year with a five year dollar global that rode on the coattails of a similar trade by Asian Development Bank a day earlier. Agence Française de Développement also made a triumphant return to dollars after a pulled trade in February, as it matched its largest ever deal in the currency for size.

Nordea announced on Wednesday that it was moving its headquarters from Sweden, where it has been since it was formed through a series of mergers in 2000, to Finland, where it will be supervised by the European Central Bank, as part of the ‘Banking Union’ arrangements.

Danish agricultural company Dansk Landbrugs Grovvareselskab (DLG) signed its first syndicated loan on Tuesday, borrowing €625m from 13 banks.

Bank of Ireland is gearing up to issue its debut debt security from its new holding company, adding to a flurry of post-summer deals in which issuers sell new types of regulatory debt for the first time.

It is not unusual to hear DCM bankers on sterling deals talk about the sophisticated nature of the investor base. Issuers on roadshows also often say they feel they have the best dialogues with UK-based investors, who have often done their credit work before meetings and want to discuss details in more depth than the usual page turning of an investor presentation deck.

Steven Jensen is leaving his loan syndication sales position at Nordic bank SEB in London to join Norwegian bank DNB.

A mid-market shake-out is under way in UK corporate broking as global banks and smaller rivals jostle for supremacy, writes David Rothnie.