Europe

Crédit Agricole acted opportunistically on Monday on the back of last week’s bond sell-off to issue the first non-Swiss covered bond in Swiss francs since January 2016.

Credit Suisse was able to raise €1.5bn of callable senior debt in a very strong new issue environment on Monday, as bankers weighed the chances for a busy summer period in the financial institutions bond market.

With a dearth of emerging market bond supply defining the start of the week, it was left to high yield issuers to provide something for EM investors to get their teeth into as United Group, a cable operator in Eastern Europe, became one of five HY mandate announcements announcements on Monday.

The European Commission said on Monday that private equity firm Lone Star Fund’s planned acquisition of Novo Banco, the Portuguese financial institution, was in line with the European Union’s merger regulations.

Lietuvos Energija group exceeded expectations to print a larger than expected €300m 10 year green bond on Friday. The deal is the first international green bond from a CEE corporate borrower.

Standard Chartered’s Renminbi Globalisation Index fell to a 39-month low in May as the offshore renminbi (CNH) liquidity pool shrinks. But the bank said the index figures do not yet reflect China’s recent efforts to internationalise the renminbi, such the launch of Bond Connect.

The up to €292m IPO of DoBank, the Italian non-performing loan manager, will close a day earlier than initially planned, according to a regulatory filing on Friday morning.

CaixaBank quietly priced a Cédulas Hipotecarias issue on Friday, only 3bp wider than where Nationwide recently issued. At 1.5%, the yield will have attracted big German insurers and at 33bp over mid-swaps the 15 year duration offered great funding for the borrower, especially in the context of a potential end to the European Central Bank's Covered Bond Purchase Programme.

Carmila, the retail property owner and manager owned by Carrefour, has bagged €503m in a capital increase, after acquiring a listing earlier in June by merging with Cardety, a smaller French property company.

Residential Secure Income Fund, the closed end investment company, has raised £180m to invest in UK social housing, less than the £300m it sought, after pricing its IPO on the London Stock Exchange.

The engines of sterling high yield issuance sound louder every week, with luxury carmaker McLaren and RAC Insurance adding supply to the already burgeoning sterling high yield bond market.

Hapag-Lloyd, the German container shipping group, on Tuesday led a fleet of new high yield bond deals carrying lower ratings than have been typical this year.