Europe

Akbank, one of Turkey’s largest banks, has secured another $1.2bn facility for this year with the same number of banks as its facility in March but with new Asian lenders on board and tighter pricing.

Münchener Hypothekenbank issued a tightly priced nine year Pfandbrief on Wednesday, just as Commerzbank mandated leads for a 10 year. The deals are likely to be followed by others from core Europe and especially from borrowers looking to fund at the long end, where execution risks may rise in the run up to the European Central Bank’s meeting on September 7.

Otkritie, the Russian privately-owned bank, has hired a capital markets veteran as it looks to build a capital markets franchise.

US plastics manufacturer Trinseo priced its new dollar refinancing bond deal with coupons more than 100bp tighter than the old notes. It is also marketing new term loans.

Hungary’s second largest corporate communications provider Invitel is due to sell down a €130m syndicated loan facility issued in January to fund its change in ownership from Mid Europa Partners to China-CEE Investment Cooperation Fund.

Flows into emerging market bond funds remain strong, and with a heavy pipeline building for September, investors will have plenty of opportunities to put their money to work. But with no new issues this week, investors were combing through Q2 results looking for opportunities to switch up portfolios.

Amazon’s seven tranche $16bn new issue on Tuesday gave US investors one final jumbo transaction before an anticipated two week summer break starts next week.

Just two share sales stood this week in EMEA in an otherwise barren summer market.

AR Packaging, the Swedish maker of packaging for food, increased its LBO loans with a dividend recapitalisation deal on Tuesday. The move follows a trend of loan borrowers taking on more leverage ahead of new European Central Bank guidance on leverage limits.

Muenchener Hypothekenbank (MuHyp) managed to pull its Munich-based lead managers away from their beer gardens and swimming pools on Tuesday to announce a Pfandbrief mandate, though somewhat late in the day.

FMS Wertmanagement is set to dip into the market for the third time this summer, as it seeks to meet an increased funding target for the year.

Oxford Immunotec, the UK diagnostics company focused on developing tests for underserved immune-regulated conditions, has priced a $40m capital increase to finance its ongoing product development programmes.