Europe

GarantiBank International (GBI), a Dutch subsidiary of Turkiye Garanti Bankasi, has signed a $250m loan that was oversubscribed by 19 banks, according to a banker on the deal.

Two more dual tranche bond deals were priced in euros on Wednesday. BP followed a similar path to previous issues this week, printing eight year and 12 year tranches. However Safran, the French defence company, printed two year and four year floating rate notes.

Putting litigation problems behind it, Italian buildings manager Manutencoop Facility Management SpA returned to the high yield bond market on Wednesday to fund a buyout, in which its cooperative parent will buy private equity firms out of its shareholder structure.

French agency Société de Financement Local (SFiL) raised $1bn with its first ever dollar bond on Wednesday, while the German State of North Rhein-Westphalia pushed out its curve to 2048.

On Wednesday BP became the third UK issuer to sell bonds in euros this week. The €1.5bn dual tranche deal followed oil entering bear market territory on Tuesday.

An overnight share sale in Scout24, the Berlin-based digital classified advertising group, was priced at a 6% discount on Tuesday, raising €331.7m for the vendors.

Maria Cannata, director of Italy’s public debt, has hit back over comments about the country's government bonds made by Andrew Balls, Pimco’s chief investment officer of global fixed income risk.

Permira Debt Managers has sole-financed Liberty Hall Capital Partners’ $135m acquisition of UK aircraft tyre company Dunlop with a £45m loan, after closing its third direct lending fund at €2.1bn this week.

The Mortgage Society of Finland's deal on Tuesday was not among them however, coming as it did with a a wider spread than usual.

Régie Autonome des Transports Parisiens (RATP), the Paris transport authority, is coming to market for a 10 year green bond on Thursday.

Deutsche Pfandbriefbank (Pbb) was unable to build a large order book for its first public sale of tier two debt on Wednesday, having encountered a more “challenging’ environment” following Banco Popular’s resolution which wiped out investors in both additional tier one and in tier two.

Speaking at Euromoney’s Global Borrowers conference on Tuesday, a panel of bank issuers said that investors had come to grips with the transformation of the senior asset class for the minimum requirement for own funds and eligible liabilities (MREL). The future of subordinated debt, meanwhile, remains in flux.