Europe

DoBank, the Italian non-performing loan manager, has trimmed the price range on its €260m IPO, and will close the book today (Tuesday June 11).

BNP Paribas’s drive to strengthen its EMEA equity capital markets business under Andreas Bernstorff, who took over as its head in January, has taken another step with what should be two important hires, while two managing directors are leaving the team.

GetBack, the Polish debt collection company, plans to follow up its Warsaw IPO with a euro denominated senior bond.

Arena Events, the UK supplier of temporary structures to festivals and sporting events such as Wimbledon and Glastonbury, is preparing to go public on London’s Alternative Investment Market (AIM).

TUI, the German travel and tourism company, has sold the last of its shares in Hapag-Lloyd, the shipping company that was floated on the Frankfurt Stock Exchange in November 2015, through an accelerated bookbuild priced flat to the closing price.

Shares in GCP Infrastructure Investments fell as much as 2.3% in London on Monday after the company launched its 12th follow-on capital raising since its £40m IPO in 2010.

The European Securities and Markets Authority (ESMA) on Monday reacted positively to last month’s European Commission proposal on third country central counterparties (CCPs), which offered the regulatory body more powers to supervise foreign clearing houses.

Private equity firm CVC has taken to the leveraged loan market to fund the acquisition of IT systems company QA Group, encouraged by the lower borrowing costs on loans than high yield bonds.

Only one new issue was announced on Monday in the European corporate bond markets. While Telekom Austria brought a tap of a recent deal, the French fleet management and car leasing company, ALD, came to market with its largest transaction to date, offering a longer tenor than any of its previous deals.

Respite from a two week old rout in eurozone government bond yields allowed two public sector borrowers on Monday to venture out with mandates for long dated euro deals. But analysts warned that the sovereign bond sell-off could have more room left to run.

Telekom Austria took advantage of little competing supply on Monday to tap its December 2026 issue. Investors liked the €250m no-grow deal enough for it to command a single digit new issue premium.

The Canadian Imperial Bank of Commerce (CIBC) issued the largest and longest sterling Canadian covered bond seen this year on Monday and saved itself almost 10bp compared to where it could have funded in dollars and euros.