Europe

Belfius Bank this week priced €750m of five year senior non-preferred bonds at 62bp over mid-swaps with the first Belgian deal in the instrument, while Lloyds issued a new senior from its holding company.

Ukraine is understood to have picked banks for its first Eurobond since 2013, and following a massive rally of the sovereign’s bonds, its reception in the market is expected to be strong.

The dry spell is over for investors in emerging market debt with several mandates hitting the screens on Tuesday. The first trades will be eagerly watched as a barometer for new issue premiums after a summer that has seen escalating geopolitical tensions and further questions about the direction of travel of both the European Central Bank and the US Federal Reserve.

Switzerland’s Julius Baer Group is offering investors a little something new, launching an inaugural dollar-denominated Basel III additional tier one (AT1) bond on Tuesday morning in Asia.

China and the UK will continue to promote the development of green finance through bilateral collaborations, despite the decision by US president Donald Trump to withdraw from the Paris Agreement, said Chen Yulu, deputy governor of the People’s Bank of China.

The European high yield bond market returned from its summer break to €2.8bn of new bond offerings this week, including a sub-benchmark sized note from Delaware’s Kronos International on Monday.

Luxembourg-based multinational steel manufacturing company ArcelorMittal is offering its first Schuldschein facility for €150m at below 200bp, in line with the spreads paid by better rated companies.

European Energy Exchange (EEX) and Global Dairy Trade have jointly expressed interest in a potential auction mechanism for European dairy products.

Groupama has said that it will call its 6.298% perpetual tier one bond at its first call date in October, having offered holders the chance to exchange the notes for a new tier two earlier this year.

A pair of public sector borrowers are set to bring their longest dated euro benchmarks in some time on Tuesday, as underlying rates for both issuers fell slightly on Monday.

Praesidiad, a Belgian perimeter security company, launched the term loan for its acquisition by private equity firm Carlyle on Monday, in what was a busy week for the market. More than €2.5bn of loan deals have been launched in the past four days.

French property company Icade printed its first green bond on Monday, but no other corporates ventured into the market. Having the full attention of investors allowed the issuer to increase the deal by €100m and price it 20bp tighter than initial price thoughts.