Europe

When Popular was sold to Santander on June 7, in the first resolution under the new bank resolution and recovery directive (BRRD), the outcome was regarded as a success — but potential problems have arisen.

Sweden on Tuesday printed a dollar benchmark at one of the tightest spreads to mid-swaps from a public sector issuer this year, as a Canadian province prepared to bring a deal in the currency further out the curve.

Italian cement and concrete group Buzzi Unicem launched a debut €250m triple tranche Schuldschein, with half of the intended volume directed at its German subsidiary, Dyckerhoff.

DBRS on Tuesday announced a methodology for rating transactions backed by public sector loans, a move that may help Portuguese issuers access cheaper repo funding.

Andorra Banc Agricol Reig SA (Andbank) successfully priced its first covered bond and the first ever from the principality of Andorra this week. The transaction’s small size and novel structure ensured a wide spread that enabled the borrower to increase the deal size.

Thermo Fisher Scientific put a big dent in the debt it needs to raise to buy Patheon on Tuesday with a €2.6bn four tranche corporate bond offer.

Eurofins Scientific and Thermo Fisher Scientific both held investor update calls on Monday, and both announced deals on Tuesday. The science double bill proved no horror story though, with investors clamouring for unrated Eurofins, even as the four tranche Thermo Fisher deal took more of the limelight.

Wells Fargo issued a five year benchmark senior bond on Tuesday, in the first Yankee post-results issuance in Europe.

Gecina, the French real estate investment trust focused on residential, office and healthcare properties, will raise €1bn through a fully underwritten rights issue to partly refinance its acquisition of Eurosic.

Nationwide Building Society dipped into euros with a benchmark tier two deal on Tuesday, in an otherwise calm market.

Books were over €1.6bn for PKO Bank’s for year senior note on Tuesday. The deal is the first senior trade from the issuer since 2014.

A managing director in Barclays’ leveraged finance team has left for Goldman Sachs, joining the bank’s London office.